Muscat – OQ Exploration and Production (OQEP) on Monday announced that the total demand received for the subscription of its initial public offering (IPO) has exceeded the total deal size (including retail, anchor and institutional tranche) at top of the offer price range.

The subscription period for the OQEP IPO opened on September 30, with the Category I offer closing on October 10 and the Category II offer closing on October 9.

The subscription price for the Category I offer will be between 370bz and 390bz per share, with the final price to be set through a book-building exercise. The subscription price for Omani individuals in the Category II offer will be set at a 10% discount to the final Category I subscription price. Therefore, the maximum subscription price for Omani individuals in the Category II offer will be 351bz per share, reflecting a 10% discount to the maximum Category I subscription price. The subscription price for non-Omani individuals in the Category II offer will be set at a maximum of 390bz per share.

The offering comprises of a total of 2,000,000,000 shares, representing 25% of OQEP’s total issued share capital. The IPO is expected to raise up to RO780mn (equivalent to $2.026bn) at the top of the price range, valuing OQEP up to RO3.120bn (equivalent to $8.104bn).

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