Oman's OQEP exploration and production will offer 25% of its total issued share capital on Sept. 30, in what would be the Gulf region's biggest initial public offering (IPO) so far this year, a statement by OQEP said.
The IPO plans are part of a privatisation programme by the state-owned energy group OQ which is helping Oman to diversify its economy and cut its debt.
Valued at up to 3.120 billion rial ($8.13 billion), OQEP's offering is expected to raise up to $2.03 billion at the top of the price range, the company said.
The offering, which comprises a total of 2 billion shares, will be priced between 370 baisas (Bzs) and 390 Bzs per share, with the final price set through a bookbuilding exercise.
OQEP shares are expected to commence trading on Muscat Stock Exchange on or around Oct. 28, the company said.
Oman, a small non-OPEC oil producer, is following neighbouring Saudi Arabia and the United Arab Emirates (UAE) in pushing state-led listing programmes, including energy assets.
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