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  • 07-03-23

    Oman’s Abraj Energy announces IPO price at USD0.65

    (MENAFN) Oman’s Abraj Energy Services, the oil and gas drilling business of state energy firm OQ, has announced the rate for its initial public offering at 249 baizas (USD0.65) a share, Oman’s state news agency stated on Monday, which would worth the firm at around USD498 million.

    OQ is trading 49 percent, equal to 377.4 millon stakes, of Abraj in a public stock sale. The cost range for the IPO was prepared last month at a range of 242 and 249 baizas a share.

    “Since announcing our intention to float on the MSX, we are extremely pleased to have received strong interest from investors,” as stated by Saif Al-Hamhami, chief executive of Abraj, at the time of the issuance of the prospectus for the listing.

    He went further on to say that “Amid robust sector fundamentals, a favorable market and with our diverse service offerings, including drilling, workover and well services, we believe that Abraj presents an attractive proposition for investors.”

    MENAFN07032023000045014228ID1105719252

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