Oman oil-drilling IPO draws Saudi wealth fund as anchor investor

Oman oil-drilling IPO draws Saudi wealth fund as anchor investor

Oman’s OQ SAOC plans to raise as much as $244m from the initial public offering (IPO) of its oil-drilling unit and has brought in Saudi Arabia’s wealth fund as an anchor investor. Helped by a surge in energy prices, governments across the Gulf have been listing assets to fund the diversification of their economies and open up their stock markets to more international investors. Three subsidiaries of state-owned energy firm OQ are selling 49 per cent of Abraj Energy Services SAOC — or just over 377 million shares — at 242 baizas to 249 baizas apiece, according to a statement. Retail investors can get a discounted price of 224 baizas. Anchor investors will subscribe for 40 per cent of the shares at the maximum price. Saudi Omani Investment Company, a unit of Riyadh’s Public Investment Fund, will buy 20 per cent, while Royal Court Affairs and Schlumberger Oman & Co will each take 10 per cent. Abraj Energy will be Oman’s largest IPO since 2010, when telecom operator Nawras, now known as Ooredoo Oman, raised $475m, data compiled by Bloomberg show. Abraj Energy will take orders from institutional investors from February 20 to March 2, while retail buyers may bid