Linklaters advises on largest ever IPO in Oman and the largest IPO in the Gulf Cooperation Council in 2024

Linklaters has advised OQ Exploration and Production (OQEP) on its Initial Public Offering (IPO) on the Muscat Stock Exchange (MSX). The firm also advised OQEP’s shareholder, OQ, the energy and investment holding company owned by the Oman Investment Authority, on the transaction.

The IPO of OQEP is the third undertaken by the Omani government as part of its divestment programme in support of the further development of the MSX and broader capital markets ecosystem in Oman. The Linklaters team also advised on the first two IPOs, of Abraj Energy Services and OQ Gas Networks.

OQEP is selling 25% of its share capital, generating approximately US$2bn in gross proceeds, making it the largest ever IPO in Oman and the largest in the GCC region thus far in 2024. Upon listing, OQEP will have a market capitalisation of approximately US$8.1bn, making it the largest company on the MSX by market capitalisation, representing around 25% of the total market capitalisation of the MSX. The offering has attracted substantial international investor interest, including that of six anchor investors subscribing for 20% of the offering, and establishes an important benchmark for the MSX and the Omani capital markets.

Aligned with Oman’s Vision 2040 and Net Zero goals, OQEP plays a key role in the country’s strategic initiatives.

The Linklaters team was led by Partner and Global Chair of Equities, Jason Manketo (London & Dubai), alongside Counsel Scott James (London) and US Associate Kevin Stump (London). MAQ Legal advised alongside the Linklaters team as regards Omani law matters.