Oman has kicked off its new wave of IPOs, announcing on 22 January that it plans to sell up to 49% of oil drilling subsidiary of state firm OQ, Abraj Energy. The region is in the middle of a boom period of IPOs as government’s seek to raise new revenue streams, and further energy-sector IPOs are on the cards elsewhere in the GCC. In nearby Abu Dhabi, for instance, Adnoc is planning an IPO of its newly formed Adnoc Gas entity (MEES, 2 December 2022).
While Saudi Arabia and the UAE have raised billions of dollars in IPOs in recent years, the Abraj listing will be the first major IPO in Oman since 2010. Back then, an IPO of telecom operator Nawras raised $475mn. (CONTINUED - 1083 WORDS)