Update on Omani OQ Gas Networks IPO

OQ Gas Networks (OQGN) opened its initial public offering (IPO) for subscription on Tuesday. On Wednesday, OQGN confirmed that the Category 1 offer, representing 40% of the IPO size and reserved for institutional investors, has been covered multiple times at the maximum price of 140bz (36 cents) as of close of business on the first day of the book building process.

The offering is being offered to eligible investors in Oman and qualified institutional and other investors in a number of countries (Category I Investors) and retail investors in Oman (Category II Investors). The shares of OQGN are expected to list on the Muscat Stock Exchange on or around October 24, 2023.