OQGN operates a pipeline network that spans nearly 4,031km. Credit: the blowup/Unsplash.

Omani energy company OQ has announced the price range for the upcoming initial public offering (IPO) of its gas pipelines unit, OQ Gas Networks (OQGN),

OQ and other selling shareholders are divesting a total of 2.12 billion shares or a 49% stake in the gas pipeline business.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

For institutional investors, the shares have been priced between OR0.131 ($0.34) and OR0.14 per share and for retail investors it has been kept at OR0.126.

According to Reuters, at the top end, the IPO could fetch $772m for OQGN at an OR606m valuation.

Saudi Omani Investment Company, Fluxys International and Falcon Investments have each committed to acquire 10% of the offering as anchor investors.

See Also:

The book-building period for institutional investors will run from 26 September to 9 October, and the retail offer will end on 5 October.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

On October 12, OQGN will reveal the final price, and on 24 October shares are expected to begin trading.

OQGN, which supplies natural gas to power plants, industries, LNG facilities and other clients, operated  a pipeline network that spanned nearly 4,031km as of 31 December 2022,

OQGN will be the second IPO under Oman’s privatisation programme, which aims to increase state revenue and develop the bourse.  

OQ raised $244m when it floated Abraj Energy Services in March this year.

Separately, OQ is looking to complete the sale of its 40% stake in Block 60 and Block 48 before the end of this year, reported Oman Daily Observer.

The sale could value the assets up to OR548m.

It is the most recent in an array of divestitures that OQ Group and other subsidiaries of its parent holding company Oman Investment Authority (OIA) have planned to support the government’s annual budget, the local publication said.