Oman Oil is looking to raise up to $244 million through an IPO for its exploration unit, attracting the attention of the Saudi PIF as a major investor.
Three subsidiaries of the energy company owned by the Sultanate of Oman will sell 49% of Abraj Energy Services to take advantage of rising energy prices.
Gulf governments have listed assets on the stock exchange to finance their economies’ diversification and open their financial markets to more international investors.
The Abraj Energy Services IPO is expected to be Oman’s largest IPO since 2010, according to Bloomberg, hopping on the recent IPO bandwagon in Saudi Arabia and the UAE.
Principal investors will subscribe to 40% of the shares, the Saudi Omani Investment Company, a subsidiary of the PIF, will buy 20% of the shares, and the Royal Court Affairs and Schlumberger Oman will buy 10% each.
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