OQEP, the exploration and production business of Oman's state oil group, has raised $2.03 billion from its initial public offering (IPO) on the local stock exchange, it said on Thursday.
OQEP, which is floating around 2 billion shares equal to a 25% stake, said in a statement the offering was priced at the top of its indicative range of 370-390 baizas per share and was oversubscribed by around 2.7 times, including anchor investors.
The listing is part of a privatization program by state-owned energy group OQ, which is helping Oman to diversify its economy and cut its debt, Reuters reported.
It follows last year's IPOs of OQ's pipeline business, which raised $771 million, and oil and gas drilling business Abraj Energy Services, which raised $244 million.
