Muscat: The Muscat Stock Exchange (MSX) is set to witness trading in the shares of OQ Exploration and Production (OQEP) Company on Monday, following the successful completion of its Initial Public Offering (IPO), which stands as the largest in the history of Oman's capital market and ranks among the top IPOs since the inception of MSX.
OQ Exploration and Production Company has announced the issuance of 25% (2 billion shares) of its total shares in the IPO, which was launched from September 30 to October 10. The offering was met with significant demand, with over OMR1.8 billion received from both institutional and individual investors.
Azzan Mohammed Redha Al Abdullatif, the Vice Chairman for Acquisition Projects at OQ Group, has highlighted the significance of listing OQ Exploration and Production Company's shares in MSX as a historic milestone for Oman, positioning the company as the leading entity in the energy sector, particularly in exploration and production. He further emphasized that the listing of OQ's shares is a strategic move as part of the Oman Investment Authority's Exit Plan for certain government assets.
He also noted that the subscription for OQ shares is the largest in the history of Oman's capital market and the Middle East and North Africa since the beginning of 2024.
Mustafa Ahmed Salman, the Vice Chairman and Chief Executive Officer of United Securities Company, expressed his belief that the listing of OQ Exploration and Production (OQEP) Company's shares in MSX will provide MSX with the necessary momentum to advance its development plan. He also projected that the market value of the company, upon listing, could surpass OMR3 billion.
