RAK Petroleum, an oil and gas investment firm based in the emirate of Ras al-Khaimah north of Dubai, is set to launch an initial public offering on Norway’s Oslo Bourse on 7 November. RAK’s existing shareholders will be allotted restricted shares and an associated number of founder shares corresponding to 90% of their interest; only 10% will be freely floated.

The IPO will be relatively small: RAK says that it expects to raise just 20mn Norwegian Krone (about $3mn) in the offering. It represents a long-awaited win for the company, however. RAK had previously planned an IPO in the UAE and attracted investors through an over-the-counter market in 2005, but regulators banned shell and holding firms from launching IPOs just as RAK was preparing its own IPO. (CONTINUED - 393 WORDS)