#Oman's OQ Gas Networks plans Muscat's biggest IPO in almost two decades | Reuters

Oman's OQ Gas Networks plans Muscat's biggest IPO in almost two decades | Reuters

Oman's OQ Gas Networks (OQGN), the pipelines business of state oil giant OQ, said on Monday it planned to float up to 49% of its shares, in what is expected to be the biggest initial public offering in the sultanate in almost two decades.

The offering, which begins this month, will give investors with access to growth in the company that holds a natural monopoly over essential gas transport in the country, the company said in a statement.

As the exclusive operator of Oman's gas transport system, OQGN supplies natural gas to power plants, free zones, industrial clusters, LNG complexes and other customers.

The IPO could raise between $700 million and $800 million, a source with knowledge of the matter told Reuters, which would make it the largest since Oman Telecommunications (Omantel) raised 288 million rials ($748 million) by selling a 30% stake in 2005.