#Oman's OQ Gas Networks expected to price IPO at top of range | Reuters

Oman's OQ Gas Networks expected to price IPO at top of range | Reuters

Oman's OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, is expected to price its $771 million initial public offering (IPO) at the top of the marketed range, according to terms seen by Reuters.

Orders below 140 Omani baisas ($0.36) per share risk missing out on the deal, one of the banks on the transaction said in a message to investors seen by Reuters. Books were oversubscribed multiple times at this level, and will close on Monday, it said.

Three anchor investors have already committed to taking 10% each of the offering at the top end of the range, the company said last month.

These are Saudi Omani Investment Company, a unit fully-owned by Saudi Arabia's Public Investment Fund; Falcon Investments, a subsidiary of the Qatar Investment Authority; and Fluxys International.

OQ is selling a 49% stake, equivalent to 2.12 billion shares, in its gas pipelines business between 131 and 140 Omani baisas per share.