OQ plans record IPO of its pipeline business
MUSCAT, September 6, 2023 – Oman’s exclusive gas transportation system operator plans to float 49% of its shares in what could be the largest IPO in the country in 20 years, Reuters reported on Monday.
The IPO of OQ Gas Networks is expected to begin in September 2023.
It is estimated by Reuters’ sources that the IPO could conceivably pull in between USD 700 million and USD 800 million, making it the largest IPO since Oman Telecommunications raised USD 748 million by floating 30% of its shares in an IPO in 2005.
OQ Gas Networks is a subsidiary of OQ, Oman’s state-run energy company, which will receive full proceeds from the move and will continue to hold a 51% stake in its company.
The move follows the IPO of OQ’s drilling unit Abraj Energy Services launched in February 2023, which raised USD 244 million.