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.
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Company Profile |
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Company |
OQ Exploration & Production Co. (OQEP) |
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Market |
Muscat Stock Exchange (MSX) |
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Core Activities |
Crude oil and natural gas exploration and well drilling |
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Capital |
OMR 80 mln |
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Number of Shares |
8 bln |
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Par Value |
10 baisa/share |
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IPO Summary |
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Issue Percentage (%) |
25% of capital (40% to institutions, 40% to individuals, 20% to major shareholders) |
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Offered Shares |
2 bln |
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Subscription Period for Local, Foreign Institutions |
Sept. 30-Oct. 10, 2024 |
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IPO Minimum Limit |
100,000 shares |
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Price Range |
370-390 baisa |
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Subscription Period for Individual Investors |
Sept. 30-Oct. 9, 2024 |
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Offer Price |
351 baisa for Omanis, 390 baisas for non-Omanis |
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Small Investors |
400 million (minimum limit 500 shares, maximum limit 28,500 shares) |
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Major Investors |
(28,600 minimum limit, no maximum limit) |
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Pricing Date |
Oct. 17, 2024 |
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Settlement Date |
On or about Oct. 24, 2024, or such earlier date as may be notified by the Joint Global Coordinators |
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Listing Date |
On or about Oct. 28, 2024, or such earlier date as may be notified by the Joint Global Coordinators |
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Company Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
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OQ Groups |
8000 |
100% |
6000 |
75% |
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Major investors |
-- |
-- |
400 |
5% |
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Public |
-- |
-- |
1600 |
20% |
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Total |
8000 |
100% |
8000 |
100% |
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Additional Information |
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Joint Global Coordinator |
Oman Investment Bank - Sohar International Bank |
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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. |
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