Oman’s Abraj to offer 49% of its share capital through an IPO

Oman’s Abraj to offer 49% of its share capital through an IPO

Oman’s Abraj Energy Services will offer a total of 377.398 million shares, representing 49% of its share capital, through an initial public offering (IPO). The company has announced publication of the prospectus and details of the subscription period for its IPO.

Abraj Energy Services is the oil and gas drilling business of Oman's state energy company OQ. OQ plans to raise as much as $244 million from the IPO.

The offering will be split into two categories-- a Category I offer and a discounted Category II offer. The Category I Subscription Price Range has been set at between Bzs242 (baizas) and Bzs249 per share, implying a market capitalisation of between OMR186.39 million to OMR191.78 million ($484.13 million and $498.13 million).

The Category II Subscription Price is the Discounted Maximum Price of Bzs224 per Share, calculated as the Maximum Price of Bzs249 less a discount of 10%.

Minimum limit

The minimum limit for subscription for Category I is 803,300 Shares and in multiples of 100 Shares thereafter; for Category II it is 1,000 Shares and in multiples of 100 Shares thereafter.

The maximum limit for subscription for Category I (other than Anchor Investors) is 37,739,800 shares, representing 10% of the offer size.

For anchor investors it is 75,479,600