OQGN lists on MSX and becomes Oman’s largest-ever IPO

Muscat: OQ Gas Networks (OQGN) successfully lists on Muscat Stock Exchange (MSX) and becomes Oman’s largest-ever initial public offering (IPO).

Investors began trading the shares of OQGN on Tuesday after 49 percent of the company’s shares were listed on MSX.

OQGN’s market value upon listing reached OMR606 million, thus becoming the third biggest company listed on MSX. The listing price was 140 baisas per share.

The stock saw a great turnout from investors in Oman and beyond.

The bell-ringing event was held under the patronage of Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals.

Eng. Abdullah Salim Al Salmi, Chairman of the Capital Market Authority (CMA) pointed out that the IPO of OQGN shares is one of the largest when compared to previous IPOs.

Al Salmi expressed his hope that future IPOs will attract investors from Oman and abroad.

OQGN successfully raised gross proceeds of OMR288 million ($748 million). The listing and trading on MSX commenced at 10:00am Gulf Standard Time, under the symbol OQGN.