Omani Power Agency Raises Report $2B From Unit’s IPO

Last updated: 2024/10/17 at 9:22 PM

2 months ago

Oman’s state power firm raised $2 billion from the preliminary public providing of its exploration and manufacturing enterprise, marking the sultanate’s largest itemizing on file.

OQ SAOC offered 2 billion shares, or a 25% stake, in OQ Exploration & Manufacturing at 390 baisas ($1.01) per share, in accordance with a press release Thursday. That’s the highest finish of a spread that began at 370 baisas apiece, and values the agency at $8.1 billion.

The deal is the largest Gulf IPO since Adnoc Gasoline Plc’s $2.5 billion share sale in 2023. Within the wider Europe, Center East and Africa area, the itemizing is the 12 months’s fourth largest, behind Puig Manufacturers, Galderma Group and CVC Capital Companions.

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The supply drew mixture demand of $5.4 billion, indicating continued curiosity in Gulf offers regardless of escalating violence within the Center East. Companies within the area have raised over $5 billion this 12 months by way of new share gross sales, excluding the OQEP deal, in accordance with information compiled by Bloomberg.

There are extra within the pipeline. Hypermarket chain LuLu Group Worldwide is weighing a potential twin itemizing, and Abu Dhabi flag service Etihad Airways is eyeing a share sale. Meantime, Saudi Arabia’s wealth fund is planning to checklist the dominion’s largest medical procurement agency.

Six anchor buyers subscribed to twenty% of the OQEP providing, the agency mentioned. Shares will start buying and selling on the Muscat Inventory Change on or about Oct. 28.

The deal is the newest in a collection of listings out of Oman, the place the federal government is within the midst of an bold privatization technique.

Final 12 months, OQ floated its fuel pipelines enterprise in a $749 million IPO in addition to its oil-drilling unit Abraj Power Companies SAOG. Meantime, Oman’s wealth fund is planning a number of dozen listings over the following few years, together with the state energy utility and a logistics agency.

HSBC Holdings Plc, Natixis SA, Sohar Worldwide Financial institution SAOG and Oman Funding Financial institution are the joint world coordinators for the OQEP deal.

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