#Oman Energy Firm OQ to Sell 49% Stake in Oil-Drilling Unit IPO - Bloomberg

Oman Energy Firm OQ to Sell 49% Stake in Oil-Drilling Unit IPO - Bloomberg

Oman energy firm OQ SAOC plans to sell up to 49% of its oil drilling unit ​Abraj Energy Services SAOC in an initial public offering, kick-starting the sultanate’s push to join a listings boom sweeping through the Middle East.

The subscription period will start in February and the shares are expected to start trading on the Muscat stock exchange in March, according to a statement. The IPO could raise as much as $500 million, Bloomberg News reported in September.

Oman is joining its energy-rich Gulf neighbors — especially the United Arab Emirates and Saudi Arabia — in selling assets to fund the diversification of their economies and open up their stock markets to more international investors. The drive led to a banner year for IPOs in the region in 2022, defying a global slump in share sales caused by fears over high inflation and interest rate hikes.