#Oman's OQ plans to raise up to $244 mln from oil and gas drilling unit Abraj IPO | Reuters

Oman's OQ plans to raise up to $244 mln from oil and gas drilling unit Abraj IPO | Reuters

Oman's state energy company OQ planned to raise as much as $244 million from an initial public offering (IPO) of its oil and gas drilling business Abraj Energy Services, the unit said on Tuesday.

OQ is selling 49%, equivalent to 377,398,000 shares of Abraj in a public share sale, Abraj said in an emailed statement.

The IPO price band has been set at between 242 baizas and 249 baizas a share, it added, implying a market capitalisation of around $484 million and $498 million.

The offering is set to open on Feb. 20 till March 2 for institutional investors, while retail investors can subscribe until March 1. Shares are expected to commence trading on or around March 14, according to the statement.