Oman's OQEP will offer 25% in IPO, reports state news agency

Oman's OQEP Exploration and Production will offer 25% its total issued capital on September 30, making it the largest initial public offering in the Gulf Region this year.

The IPO plans form part of a program by OQ, the state-owned group that controls energy in Oman. This programme is designed to help diversify Oman's economy and reduce its debt.

OQEP said that its offering, valued at up to 8.13 billion rials (3.120 billion rials), is expected to raise as much as $2.03 billion when priced at the highest price.

The price of the offering, which consists of a total 2 billion shares will range between 370 Bzs and 390Bzs per share.

The company stated that OQEP's shares will begin trading at the Muscat Stock Exchange around October 28.

Oman is a small non OPEC oil producing country that has followed the lead of its neighbours Saudi Arabia and United Arab Emirates in promoting state-led listings, including for energy assets. $1 = 0.3840 Omani Rials (Reporting and editing by Tomasz Janowski, Kirsten Donovan, Mohd Shamsuddin, Bangalore)

(source: Reuters)