Oman’s OQ Gas Networks sets offer price range for IPO

Oman’s OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, has set the offer price range for its initial public offering (IPO), it said in a regulatory filing.
The company plans to float up to 49 percent of its shares in what could be Oman’s largest IPO in almost two decades.

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OQGN has indicated a range between 131 and 140 Omani baisas per share — equating to 0.131 and 0.140 rials ($0.34-$0.36) — to institutional investors and 126 bais as per share for individual investors, its statement to the Capital Market Authority said.
Its plans to float about 2.12 billion shares would value the company at about 588 million rials ($1.53 billion), according to Reuters calculations based on indications of allocations to various investor categories.
Oman follows neighbors Abu Dhabi and Saudi Arabia in looking at sales of stakes in energy assets, capitalizing on a rebound in crude prices to attract foreign investors.
OQ’s oil drilling business, Abraj Energy Services, raised $244 million with the sale of a 49 percent stake last March.
As the exclusive operator of Oman’s gas transport system, OQGN supplies natural gas to power plants, free zones, industrial clusters, LNG complexes, and other customers.
The IPO subscription period is expected to begin this month, with a listing on the Muscat stock exchange in October.

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