Oman: Oman’s Abraj Energy Services, the oil and gas drilling business of state energy company OQ, has set the price for its initial public offering at 249 baizas ($0.65) per share, Oman’s state news agency said on Monday, which would value the company at about $498 million.

OQ is selling 49 percent, equivalent to 377.4 millon shares, of Abraj in a public share sale. The price range for the IPO was set last month at between 242 and 249 baizas per share.

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

He said: “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.” 

Ahli Bank, EFG-Hermes UAE Ltd. (acting in conjunction with EFG Hermes UAE LLC) and National Bank of Oman have been appointed as joint global coordinators. and Ahli Bank and National Bank of Oman have been appointed as issue managers.

The shares of Abraj Energy Services are put for sale in an IPO as part of the divestment plan announced by Oman Investment Authority to exit some governmental investments to provide investment opportunities for Omani and foreign investments to achieve the objectives of Oman Vision 2040.

This step aims to promote the private sector’s participation in various economic sectors at the national level.