Linklaters advises the banks on the IPO of OQ Gas Network on the Muscat Stock Exchange

Linklaters has advised EFG Hermes, Bank of America and Bank Muscat on OQ Gas Network (OQGN)’s launch of a public offering for 49% of its shares on the Muscat Stock Exchange with a final offer price at Bzs 140 per share. This is set to become the largest ever IPO in Oman.

OQGN, as the exclusive owner and operator of the gas transportation network in Oman, plays a pivotal role in providing critical infrastructure to deliver gas that supports the industries and economy of Oman. The IPO will help to boost Oman’s economic growth, as well as provide further opportunities for development and innovation in energy within the region.

The privatisation is part of Oman’s broader divestment plan that aligns with Oman’s Vision 2040 programme of economist diversification, last year committing to listing up to 35 companies over the following five years. In March 2023, Linklaters advised Abraj Energy Services and its shareholder OQ on Abraj’s IPO as the first asset to be taken public under the framework.

The Linklaters team was led by Capital Markets partner Jason Manketo, alongside associates Alexandra Kovaliouk and Kevin Stump.

Linklaters is a world leader in equity capital markets transactions and is ranked in Band 1 of Chambers for Equities in the UK, Europe and globally. For more than two decades, Linklaters has been at the forefront of advising on many of the world’s largest and most complex equity-linked transactions, including IPOs, private placements, direct listings and secondary and follow-on offerings.