OCTOBER 24, 2023
OQGN’s record-breaking IPO lists on Muscat Stock Exchange
MUSCAT : OQ Gas Networks SAOG (OQGN) has successfully made its debut on the Muscat Stock Exchange (MSX), becoming the largest-ever initial public offering (IPO) in the Sultanate of Oman.
The listing took place under the auspices of Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals. Also present were Shaikh Abdullah bin Salem al Salmi, Executive President of the Capital Market Authority (CMA), and senior figures from Oman Investment Authority and OQ Group.
At precisely 10:00 am Gulf Standard Time, OQGN commenced trading on the Muscat Stock Exchange, operating under the ticker symbol "OQGN." Upon its listing, OQGN achieved a market capitalization of approximately RO 606 million, which translates to an impressive $1.6 billion. This valuation position OQGN as the third-largest company listed on the MSX, demonstrating the confidence investors have in the company's future prospects.
In a statement, Mansoor Ali al Abdali, Managing Director at OQGN, emphasized the significance of this moment, highlighting how it marks the dawn of a new era in the company’s journey, driven by ambition and a clear vision for the future. He expressed profound gratitude for the unwavering support and trust in their gas networks, without which this remarkable achievement would not have been possible.
Investors displayed an overwhelming appetite for OQGN shares, resulting in a total demand of approximately RO 4 billion (equivalent to around $10 billion). The IPO was oversubscribed by approximately 14 times.
The successful listing, substantial market capitalization, and exceptional demand for OQGN shares reflect OQGN’s promising future and the confidence investors have in its growth prospects, he said.
Haitham bin Salem al Salmi, CEO of MSX, said OQGN now accounts for 6.7 per cent of the market capitalization of public joint-stock companies listed on the stock exchange, now topping RO 9 billion. The total market value of securities listed on the stock exchange now exceeds RO 24 billion, he said.