HomeTop Global NewsPIF Named Anchor Investor in Oman Oil-Drilling IPO

PIF Named Anchor Investor in Oman Oil-Drilling IPO

Oman’s OQ SAOC is looking to secure $244 million from the initial public offering of its oil-drilling unit, Abraj Energy Services SAOC, with Saudi Arabia’s wealth fund as its anchor investor. This is set to be Oman’s largest IPO since 2010.

The IPO will see three subsidiaries of OQ sell 49% of the oil-drilling unit, translating to 377 million shares, at a price of 242 baizas to 249 baizas per share. Retailers will have the opportunity to purchase shares at a discounted 224 baizas per share.

Anchor investors, including Saudi Arabia’s Public Investment Fund (PIF) unit Saudi Omani Investment Company, will pay the maximum price for 40% of the available shares. While the Saudi Omani Investment Company will take 20% of the shares, Royal Court Affairs and Schlumberger Oman & Co will each take a 10% share.

Once the IPO has been launched, Abraj Energy plans to pay out a dividend of 15.4 million riyals this year for 2022. In addition to Abraj Energy, OQ is also looking to launch IPOs for its gas pipelines unit which could see it raise up to $800 million.

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