OQEP issues prospectus to float 2B shares in public offering

OQ issue prospectus to float 2B shares on MSX

Logo of OQ Exploration and Production SAOG

Oman-based OQ Exploration & Production Co. (OQEP) announced today, Sept. 22, the prospectus for its initial public offering (IPO) of two billion shares, representing 25% of its capital, on the Muscat Stock Exchange (MSX).

The subscription period, eligible to institutions and individuals, will run for two weeks, starting from Sept. 30. It will end on Oct. 10 for institutions, and on Oct. 9 for individual subscribers.

OQEP’s IPO is deemed the biggest in the history of the Omani capital market in terms of volume and market value. It comes as part of the Oman Investment Authority's (OIA) direction to divest some government assets.

OQEP, founded in 2009, is a wholly-owned core subsidiary of OQ Groups — an affiliate of OIA.

It is Oman’s largest pure-play oil and gas exploration and production company. It is the only upstream oil and gas operator wholly owned by the Omani government. It currently ranks among the top three oil and gas producers and is also one of the largest holders of oil and gas reserves in Oman.

Company Profile
Company	OQ Exploration & Production Co. (OQEP)
Market	Muscat Stock Exchange (MSX)
Core Activities	Crude oil and natural gas exploration and well drilling
Capital	OMR 80 mln
Number of Shares	8 bln
Par Value	10 baisa/share

IPO Summary
Issue Percentage (%)	25% of capital (40% to institutions, 40% to individuals, 20% to major shareholders)
Offered Shares	2 bln
Subscription Period for Local, Foreign Institutions	Sept. 30-Oct. 10, 2024
IPO Minimum Limit	100,000 shares
Price Range	370-390 baisa
Subscription Period for Individual Investors	Sept. 30-Oct. 9, 2024
Offer Price	351 baisa for Omanis, 390 baisas for non-Omanis
Small Investors	400 million (minimum limit 500 shares, maximum limit 28,500 shares)
Major Investors	(28,600 minimum limit, no maximum limit)
Pricing Date	Oct. 17, 2024
Settlement Date	On or about Oct. 24, 2024, or such earlier date as may be notified by the Joint Global Coordinators
Listing Date	On or about Oct. 28, 2024, or such earlier date as may be notified by the Joint Global Coordinators

Company Shareholders
Shareholders	Pre-IPO		Post-IPO
Shareholders	Number of Shares (mln)	Ownership (%)	Number of Shares (mln)	Ownership (%)
OQ Groups	8000	100%	6000	75%
Major investors	--	--	400	5%
Public	--	--	1600	20%
Total	8000	100%	8000	100%

Additional Information
Joint Global Coordinator	Oman Investment Bank - Sohar International Bank
Receiving Entities	Ahli Bank SAOG, Ahli Islamic Bank, Bank Dhofar SAOG, Bank Muscat SAOG, Bank Nizwa SAOG, Dhofar Islamic, Horizon Capital Markets SAOG, Jabal Asset Management LLC, Meethaq Islamic Banking - Bank Musact SAOG, National Bank of Oman SAOG, Oman Arab Bank, Sohar International, Sohar Islamic, Ubhar Capital SAOG, United Securities LLC, Vision Securities LLC.

OQ Exploration and Production SAOG - Prospectus

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