OQ Base Industries kicks off its roadshow meetings across Oman

Muscat: The highly anticipated Initial Public Offering (IPO) of OQ Base Industries (OQBI) (Under Transformation) began on Sunday and will remain open for five days for retail investors and eight days for institutional investors.

This Islamic Sharia compliant IPO, that marks a pivotal milestone in OQBI’s journey, offers approximately 1.7 billion shares, representing 49% of OQBI’s total issued share capital, with a projected value exceeding OMR180 million.

OQ Base Industries is the fourth company from OQ Group to launch an IPO, transitioning into a publicly-listed company.

This initiative is part of the group’s broader strategy to support Oman’s economic diversification, attract investment, and advance Oman Vision 2040 goals.

The plan focuses on converting state-owned assets into publicly traded companies, fostering private sector participation, promoting sustainable growth, and enhancing the capital market by boosting liquidity and investor appeal at both local and international levels.

Engineer Ali Mohammed Al-Lawati, Chief People & Technology Officer of OQ Group and Chairman of OQBI, emphasised the offering’s importance, stating, “This IPO reflects our commitment to enhancing Oman’s economic policies and solidifying the Muscat Stock Exchange as a dynamic emerging market attractive to global investors.”

He further highlighted that, with this IPO, OQ Group has completed the divestment of four companies over the past two years, transitioning them into publicly- listed companies.

Al Lawati also noted that OQBI plays a vital role in enhancing Omani exports and supplying essential raw materials to global industries, adding that the IPO positions the company for future growth, aligned with OQ Group’s vision for the energy sector.

Building on this, Khalid Khalfan Al-Asmi, CEO of OQBI, described the IPO as a unique opportunity. “Investors are being offered a chance to participate in a company with robust foundations and a proven track record of success,” he said.

To familiarise the public with the IPO, OQBI is organising six roadshows in collaboration with the Oman Chamber of Commerce and Industry.

Ahmed Suleiman Al-Kindi, International Cooperation Expert at Muscat Clearing and Depository Company (MCDC), highlighted MCDC’s role in supporting OQ Base Industries’ IPO roadshows across various governorates. He emphasized the importance of obtaining an investor number as a prerequisite for participating in subscription and investment activities on the Muscat Stock Exchange. Al-Kindi noted that the roadshows play a key role in raising awareness about the registration process and empowering investors with the knowledge required to navigate equity investments effectively.

These sessions, scheduled from Sunday, November 24, to Thursday, November 28, are designed to provide a detailed overview of the public offering.

The schedule includes:

Sunday: South Al Batinah Governorate at Rustaq OCCI

Monday: Ash Sharqiyah North Governorate at Ibra’s OCCI, and in Muscat Governorate at the Oman Convention and Exhibition Centre.

Tuesday: Ad Dakhiliyah Governorate at Nizwa OCCI,

Wednesday: Al Batinah North Governorate at Sohar OCCI

Thursday: Dhofar Governorate at Sultan Qaboos Youth Complex for Culture and Entertainment in Salalah.

These meetings underscore OQBI’s commitment to transparency and engaging potential investors from across Oman, paving the way for an inclusive and impactful IPO process.