Oman’s OQ Base Industries plans to launch an IPO
OQBI Plans Initial Public Offering to Enhance Capital and Growth
Oman’s OQ Base Industries Set to Launch 49% IPO on Muscat Stock Exchange
November 4, 2024
In December, OQ Base Industries (OQBI), a producer of methanol and ammonia in Oman, intends to offer 49% of its shares in an initial public offering (IPO) on the Muscat Stock Exchange.
Later this month, the Type I and Type II investor subscription period is anticipated to commence. Oman’s parent company, OQ SAOC, and the state oil group reserve the right to modify the offer size before to the subscription period’s conclusion.
The Joint Global Coordinators are Morgan Stanley & Co. International, Bank Dhofar SAOG, and Bank Muscat SAOG, while the Issue Managers are Bank Dhofar SAOG and Bank Muscat SAOG.
In addition, Comco Investment Company and BSF Capital have been designated colocatores conjuntos.
OQ possesses 100% of the capital of OQBI directly and through its subsidiaries Takamul Investment Company and OQ Salalah Industries Company.
For the year ending December 31, 2023, OQBI registered revenues of 510 million dollars and an adjusted EBITDA margin of 43.1%.
OQBI intends to pay dividends twice each fiscal year, with a first dividend distribution of approximately 24.5 million ($63.6 million) for the first nine months of 2024 by January 2025.
OQBI operates three advanced plants with a combined nameplate production capacity of 1,816 ktpa located in the Salalah Freezone. A brownfield expansion project is also in the pipeline to increase the capacity of the methanol plant by 50%.
OQBI IPO Weeks after Oman’s state oil group listed its exploration and production business, OQEP added $2.03 billion to the sultanate’s largest listing.
