Muscat – On September 30, OQ Exploration and Production Company will offer 2 billion shares for public subscription, marking the largest initial public offering (IPO) in the history of the Omani capital market.
The Financial Services Authority (FSA) has approved the prospectus for the company’s transformation into a public joint stock company, representing 25 percent of its capital.

As a subsidiary of the Oman Investment Authority, OQ Exploration and Production’s share offering aligns with the government’s strategy to divest from certain assets and reflects the objectives of Oman Vision 2040, which aims to attract both national and foreign investments. This significant offering also seeks to diversify and expand the shareholder base.

Investors will have the opportunity to invest in one of Oman’s leading companies in the oil and gas sector. The subscription period for shares will last for two weeks, commencing on September 30 for institutional and individual categories, and concluding on October 10 for the first category. The subscription for individual investors will close a day earlier on October 9.

The shares are divided into three categories: institutional investors, individual investors, and major investors. The offering price for institutional investors, who can set their price range through an order book, is projected between 370 to 390 baisas per share. Omani individuals will benefit from a calculated price of 351 baisas, which includes a 10 percent discount, encouraging local participation. Non-Omani investors will pay the full price of 390 baisas.

The prospectus indicates that 40 percent of the shares will be allocated to institutional investors, equally divided between local and regional/international institutions. A minimum subscription of 100,000 shares is required for this category, with no specified maximum limit. For individual investors, also receiving 40 percent of the offering, the minimum subscription is set at 500 shares, with a maximum of 28,500 shares. Major investors will receive 20 percent of the offering volume.

The FSA emphasizes that the issuance prospectus serves as the primary source of information for potential investors, assisting them in making informed investment decisions regarding OQ Exploration and Production Company.