Omani state firm OQ has set a price range of OR 0.126-0.140 ($0.33-0.36) for the 49% float of its subsidiary OQ Gas Network (OQGN) on the Muscat Stock Exchange (MSX) in what could be the bourse’s biggest IPO ever (MEES, 8 September). With over two billion shares on offer this implies that the offering could raise up to OMR 297mn ($772mn), valuing OQGN at up to $1.58bn.

Details of the offering were released as part of an IPO prospectus published by the company on 18 September (MEES, 22 September). The release revealed the identity of three anchor investors who will each take a 10% stake: Saudi Omani Investment Company, a wholly owned entity of Saudi Arabia’s Public Investment Fund (PIF); Falcon Investments LLC, a subsidiary of Qatar Investment Authority; and Belgian infrastructure group Fluxys International. As part of the anchor investment Fluxys has also signed an MoU for the development of hydrogen and CO2 infrastructure and secured a seat on the company’s board. (CONTINUED - 199 WORDS)