On Monday, trading in the shares of OQ Exploration and Production (OQEP) Company will begin on the Muscat Stock Exchange (MSX) following the success of its Initial Public Offering (IPO), which is the largest in the history of Oman’s capital market and one of the top IPOs offered by MSX since its inception. OQ Exploration and Production Company offered 25% (2 billion shares) of its total shares in the IPO from 30 September to 10 October. The IPO saw strong demand totaling OMR1.8bn from institutions and individuals.
Azzan Mohammed Redha Al Abdullatif, Vice Chairman for Acquisition Projects at OQ Group, stated that listing the shares of OQ Exploration and Production Company on MSX is a historic event in Oman, as the company is a leader in the energy sector in the field of exploration and production. The listing of its shares is part of Oman Investment Authority’s Exit Plan regarding some government assets. The subscription in OQ shares is the largest in the history of Oman’s capital market and the largest in the Middle East and North Africa since the start of 2024.
Mustafa Ahmed Salman, Vice Chairman and CEO of United Securities Company, expressed that listing the shares of OQ Exploration and Production (OQEP) Company on MSX will propel MSX to the next stage of its development plan. He believes that the company’s market value is expected to exceed OMR3 billion when listed on MSX. This listing marks a significant milestone for MSX and is expected to have a positive impact on the exchange as well as the wider financial market in Oman.
Investors are optimistic about the potential of OQ Exploration and Production Company, which is a key player in the energy sector in Oman. With the successful IPO and strong demand for its shares, the company is positioned for growth and success in the market. This IPO has garnered significant interest from both institutional investors and individuals, signaling confidence in the company’s prospects and potential for future returns.
The listing of OQ Exploration and Production Company on MSX further solidifies the exchange’s position in the region as a key player in the capital market. This listing is not only a milestone for the company and the exchange but also for the entire financial sector in Oman. It highlights the growing interest and confidence in the Omani market and reflects positively on the country’s economic outlook and investment climate.
Overall, the successful IPO of OQ Exploration and Production Company and its upcoming listing on MSX are positive developments for the capital market in Oman. This listing is expected to boost investor confidence, promote liquidity in the market, and pave the way for further growth and development in the financial sector. With the company’s strong market potential and the support of investors, OQ Exploration and Production Company is well-positioned for success in the future.
