OQGN to float 49 percent of its share capital in Oman’s biggest recent IPO

OQGN to float 49 percent of its share capital in Oman’s biggest recent IPO

Muscat: OQ Gas Networks (OQGN), the sole operator of Oman's gas transportation system, on Monday announced its intention to float 49 percent of its total issued share capital through an Initial Public Offering (IPO) and to list on the Muscat Stock Exchange (MSX). The MSX listing is expected to take place in October 2023, subject to receiving the required regulatory approvals from the Capital Market Authority of the Sultanate of Oman (CMA). The announcement was made at an event held at the Oman Convention and Exhibition Centre (OCEC) in the presence of Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCIIP) and other dignitaries. The initial public offering (IPO) is expected to be the biggest in recent times, according to an Oman News Agency (ONA) report. ONA said that the size of OQGN's IPO is expected to be approximately OMR 212mn, which will be the largest initial public offering in Oman's capital market history. By offering shares through the IPO, OQGN seeks to leverage the financing advantages provided by the capital market for its projects and investment activities. OQGN's initial public offering will be the second major IPO at the Muscat Stock Exchange this year. Mansoor