Investors eye state energy firm OQ as Oman stock market poised for take off

Al-Monitor Pro Members

Samuel Wendel

Senior Market Research Analyst, Al-Monitor

Mar. 17, 2023

In the latest sign of investor demand for Gulf deals, Oman has welcomed its largest IPO in over a decade: the Sultanate’s state energy company OQ raised $244 million by selling a 49% stake in its oil and gas drilling business Abraj Energy Services, which began trading on the Muscat Stock Exchange (MSX) on March 14. The oversubscribed offering generated $2 billion in orders, which included unprecedented participation from retail investors and saw a unit of Saudi Arabia’s Public Investment Fund (PIF) join as an anchor investor. This has put Oman back on the radar for investors amidst a larger listing boom in the Gulf, with Abraj Energy’s IPO set to potentially fuel further activity in the Sultanate.