- OQ Exploration and Production (OQEP), a subsidiary of Oman’s state energy company OQ, raised 780 million Omani rials ($2.02 billion) through its initial public offering (IPO), marking the largest in Oman's history. Priced at 390 baisas per share, the IPO attracted significant demand from both local and institutional investors. OQ offered 25% of OQEP's share capital, valuing the company at 3.12 billion rials, with OQ retaining a 75% stake.
- OQEP's shares are set to begin trading on the Muscat Stock Exchange on October 28, highlighting its 14 oil and gas exploration and production assets in Oman. The move is also part of Oman’s broader reforms to reduce reliance on oil and hydrocarbons, positioning the country for future growth while strengthening its financial sector.
Why it matters
This underscores the Gulf region's continued success in capital markets, driven by high energy prices and favorable regulations. OQEP's listing follows a wave of other significant IPOs across the region, reflecting investor confidence and Oman’s economic diversification efforts.
