Subscription to “OQ Exploration-Production Company” Shares Kicks Off Tomorrow

Subscription to two billion shares offered by OQ Exploration and Production (OQEP) Company will start tomorrow (30 September 2024). The IPO is open for subscribers from Oman and abroad. Individuals' subscription will continue until 9 October, while institutions' subscription will last until 10 October 2024. OQ's emerges as the largest IPO in the history of the Sultanate of Oman and it constitutes the first IPO in the exploration and production sector, following the success of the IPOs for Abraj Energy Services Company and OQ Gas Networks. The offered shares represent 25 percent of OQ Exploration and Production group's shares, divided into three main categories: The first being the 'institutions category' -- as many as 800 million shares, equivalent to 40 percent of the shares offered for subscription at a price between 370 baisas and 390 baisas per share. The second category is the 'individuals' category' - a total of 800 million shares, equivalent to 40 percent of the shares offered. This category was di vided equally into two segments -- the large individual investors category and the small individual investors category. It comprises 400 million shares for each category. The subscription allows small individual investors to subscribe to a minimum of 500 shares and to a maximum of 28,500 shares. The large individual investors category will allow subscription from a minimum of 28,500 shares, without specifying a maximum subscription limit. As for the third category - that of major investors, it enables subscribing to as many as 400 million shares, which is equivalent to 20 percent of the shares offered for subscription. The share price for Omani individuals will be 351 baisas, with a discount rate of 10 percent. It aims to encourage Omanis to participate in this type of issue and enable them to utilize the available investment opportunities. For non-Omanis, share price will be at a price of 390 baisas. Source: Oman News Agency