Ahlibank becomes first bank to provide Abraj IPO 1:1 financing service through mobile app

Ahlibank becomes first bank to provide Abraj IPO 1:1 financing service through mobile app

Muscat: In line with the bank's focus on further strengthening its investment banking franchise, ahlibank has been appointed as the Issue Manager for the Initial Public Offer (IPO) of Abraj Energy Services (SAOC), the largest IPO in the Sultanate in over a decade. The Company has appointed ahlibank, EFG-Hermes UAE Limited, and National Bank of Oman as joint global coordinators for the IPO, with ahlibank also acting as the collecting bank for the IPO.

Ahlibank adopted a novel and unique approach in carrying out the subscription operations through the use of the latest digital self-services. The bank provided self- subscription to the IPO through its mobile app and has become the first bank in the Sultanate to provide 1:1 financing option service digitally, and thereby support individual investors to increase their investment in the IPO.

Abraj, a fully owned oil drilling company of OQ (a global integrated energy company with roots in Oman), offered 49% of its share capital, amounting to 377,398,000 shares at a price band of Bzs 242 to Bzs 249, when it opened its initial public offering on February 20. The Company is expected to raise up to OMR 93.97 million in the IPO at the highest end of