Oman’s OQ Exploration & Production IPO brings in $2 billion

Oman

MUSCAT, October 17, 2024 – Omani NOC OQ Exploration & Production has raised just over USD 2 billion in its IPO, OQ said on Thursday.

The OQEP IPO is Oman’s largest-ever listing and is estimated to be 2024’s biggest in the Gulf region.

It floated around 2 billion shares, equating to a 25% stake.

The listing saw six anchor investors subscribe to 20% of the offering, OQ said. Overall, the offering was 2.4 times oversubscribed with orders amounting to roughly USD 4.7 billion.

The IPO will leave the company with a market cap of around USD 8.1 billion.

Image of OQ’s Bisat oilfield courtesy of OQ.

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