The Financial Services Authority (FSA) in Oman on Sunday approved the prospectus of OQ Exploration and Production Company (OQEP) for public offering (IPO) starting from 30 September 2024.
The offering, which comprises a total of 2 billion shares, represents 25% of the company's issued share capital.
Given the size and market value of the company, the step constitutes the biggest public offering in the Gulf region, the company said according to Oman's state news agency.
The share price for Omani individuals will be calculated at a rate of 351 baisas per share while institutions may determine their own price range by building an order book (370 to 390 baisas per share).
OQ is a global integrated energy company, with roots in Oman and operations in 17 countries globally.
The company covers the entire value chain from exploration and production of oil and gas, refineries and petrochemicals to marketing and distribution of end-user products reaching more than 80 countries worldwide.
OQ Alternative Energy focuses on investments in renewables and green hydrogen in Oman, according to the company’s website.