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The OQGN deal, part of Oman’s privatization program, saw the company sell 2.1 billion shares at 140 bases each for a 49% stake, attracting around 4 billion riyals in demand despite regional conflicts. This outperformed Oman Telecommunications Co.’s $748 million IPO from 2005, setting a new record for the region.
Anchor investors for the OQGN deal included Fluxys Belgium SA, Saudi Arabia’s Public Investment Fund, and the Qatar Investment Authority. Retail investors were also offered a 10% discount on the IPO price.
Bank Muscat SAOG, Bank of America Corp (NYSE:BAC)., and EFG Hermes coordinated the IPO globally, with shares set to start trading on October 24.
In other regional news, ADES Holding Co., backed by Saudi Arabia’s sovereign wealth fund, saw its shares surge 30% on debut day after the kingdom’s largest IPO of the year. The success of these offerings highlights the resilience and potential of the regional market despite broader global trends.
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