Oman’s OQ Gas Networks (OQGN) announced it set the offer price range for its initial public offering (IPO), up to 49 percent of its shares, according to a company’s statement.
The IPO step is the largest in almost two decades, it said in a regulatory filing.
The pipeline business of state oil giant OQ has set a range between 131 and 140 Omani basis per share, equating to 0.131 and 0.140 rials ($0.34-$0.36), to institutional investors and 126 bais as per share for individual investors, according to its statement to the Capital Market Authority.
”Its plans to float about 2.12 billion shares would value the company at about $1.53 billion,” according to Reuters.
The Gulf country follows neighbors Abu Dhabi and Saudi Arabia by targeting sales of stakes in energy assets and attracting foreign investors.
OQ’s oil drilling business, Abraj Energy Services, has secured $244 million with the sale of a 49 percent stake last March. The IPO subscription period is to begin this month, with a listing on the Muscat stock exchange in October.
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