OQ Exploration and Production (OQEP) is the exploration and production arm of Oman’s state oil group. The company raised $2.03 billion from its IPO, pricing shares at the top of its 370-390 baiza range. OQEP is floating around 2 billion shares, representing 25% of the company. The offering was oversubscribed by about 2.7 times, including participation from anchor investors. The listing, part of Oman’s privatization strategy, will give OQEP a market capitalization of approximately $8.1 billion.

Shares are expected to begin trading on the Muscat Stock Exchange on or around October 28, 2024.