Oman OQ Gas Networks Draws $10 Billion in Orders for Stock Sale - Bloomberg
Omani state energy firm OQ SAOC raised 288.2 million riyals ($748.6 million) in the initial public offering of its gas pipelines business after pricing it at the top of the range, making it the country’s biggest listing on record.
OQ sold about 2.1 billion shares, or a 49% stake, in OQ Gas Networks SAOG at 140 baisas per share, according to a statement Thursday. The listing drew about 4 billion rials in demand, showing investor appetite for share sales in the Gulf remains strong even as war flared up between Israel and Hamas.
The offering just surpasses Oman Telecommunications Co. SAOG’s $748 million IPO in 2005 as Muscat’s largest.
So far, IPOs in the Persian Gulf appear to be bucking concerns about the resurgence of conflict in the Middle East and its implications for crude oil supplies. Regional stock markets fell sharply on Sunday in the wake of Hamas’ surprise attack on Israel but broke the losing streak on Tuesday.
On Wednesday oil driller ADES Holding Co., backed by Saudi Arabia’s sovereign wealth fund, jumped as much as 30% — the maximum allowed — on its debut after the kingdom’s biggest IPO of the year.
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