Omani energy firm OQ SAOC is seeking to raise as much as 297 million rials ($771 million) from the initial public offering of its gas pipelines unit, in what’s set to be the country’s biggest listing on record.
OQ set the price range for the IPO of OQ Gas Networks SAOG at 131 baisas to 140 baisas per share, according to the prospectus. Retail investors will pay a maximum of 126 baisas per share, representing a 10% discount on the top-end price. The state-run firm and two of its subsidiaries are selling 2.12 billion shares, or a 49% stake, in OQGN, valuing it at as much as 606 million rials.
Fluxys Belgium SA, Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority are each buying 10% of the IPO as anchor investors, the prospectus shows. The institutional investor tranche represents 40% of the deal while the retail portion accounts for 30%.
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