Oman’s OQ Gas Network, the pipelines business of Oman’s state oil giant OQ, has invited banks to pitch for book-runner roles in its planned initial public offering (IPO), Reuters reported.
OQ Gas Network is preparing for a public share sale that could take place as early as June, the sources said.
One of the sources told Reuters OQ could raise more than $500 million from the deal.
Bank of America and Bank Muscat were selected last year for top roles on the deal, the sources said.
Read more: Oman gets on IPO bandwagon with 49% of OQ shares
In May, OQ was considering an IPO of its gas pipeline network.
The anticipated IPO comes after OQ’s oil drilling company, Abraj Energy Services, floated this month, raising $244 million by selling a 49 percent stake.
OQ Gas Network is the sole operator of Oman’s gas transportation system, supplying natural gas to the country’s power plants, free zones, industrial clusters, LNG complexes, and other customers.
According to Dealogic data, Middle Eastern companies raised a whopping $21.9 billion through IPOs in 2022, which is more than half the total raised by companies in the larger region of Europe, the Middle East, and Africa.
Saudi Arabia continued to dominate listing activity with 13 IPOs and two direct listings in Q4 2022.
Meanwhile, the UAE registered the region’s largest IPO in Q2 2022 with Dubai Electricity and Water Authority (DEWA) raising over $6 billion.
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