National Bank of Oman (NBO), a trusted cornerstone of Oman’s banking sector, is at the forefront of facilitating the highly anticipated OQ Gas Networks (OQGN) Initial Public Offering (IPO). With a legacy of financial excellence, NBO is proud to announce its role as the leading Collection Bank for the OQGN IPO, providing prospective investors with a seamless and advantageous subscription experience.
“The OQGN IPO represents an exceptional opportunity for investors to be part of Oman’s thriving energy infrastructure sector. NBO’s involvement as a Collection Bank and commitment to providing financing options add tremendous value to this offering. We understand the importance of making investment opportunities accessible to a broad spectrum of investors and our aim is to empower both individuals and institutions to participate in the growth of Oman’s energy landscape. NBO’s reputation for trust and excellence, coupled with our digital banking solutions, ensures that investors can navigate the subscription process seamlessly. We look forward to serving as a reliable partner on this exciting journey, fostering economic development and prosperity in Oman,” Maha Saud Al Raisi, Assistant General Manager and Head of Retail Products, NBO.
“Our dedication to fostering economic growth in Oman is exemplified through our partnership with OQGN in this significant IPO. We provide diverse investment opportunities for individuals and institutions, empowering them to access this promising sector. Our mission extends beyond banking; we aim to be a catalyst for financial inclusion and sustainable development. Together with OQGN, we aim to create enduring value, promote economic diversification and strengthen Oman’s global position,” she added.
NBO is set to offer a comprehensive digital solution through its Mobile Banking app, ensuring a convenient and efficient subscription process for investors. This innovative platform provides a seamless and fully digital journey, allowing users to subscribe for themselves and others, with an impressive leverage of up to 1:1. NBO customers will enjoy the added benefit of instant 24/7 subscription access facilitated by direct connectivity with Muscat Clearing and Depository (MCD), ensuring swift and hassle-free processes that cater to investors’ needs round the clock. Simplified payment processing through NBO further enhances the investor experience, streamlining financial transactions. Subscribed customers can conveniently make payments through NBO, while an attractive financing facility at zero percent interest, coupled with a nominal processing fee of just 0.2625% (Minimum OMR 26.25), aims to enhance accessibility and financial viability for investors, making their investment journey more seamless and rewarding.
Investors seeking to participate in the OQGN IPO will find a partner in NBO dedicated to simplifying the subscription process. NBO will be one of the channels through which non-individuals (Category 1) and individuals (Category 2) can subscribe to this landmark offering.
The offering encompasses the sale of a total of 2,122,005,720 existing shares by OQ S.A.O.C, known as “OQ,” directly and indirectly through Oman Energy Trading Company Limited (OETCL) and Oman Oil Services Limited (OOSL), collectively referred to as the “Selling Shareholders”. This sale represents 49 percent of OQGN’s total issued share capital. The Offering consists of three components: a Category 1 offer for Institutional investors, representing 40 percent of the total offer size; a sale to Anchor Investors, representing 30 percent of the total offer size; and a discounted Category 2 Retail offer, representing the remaining 30 percent.
For the Category 1 offer, the subscription price will fall within the range of Bzs 131 to Bzs 140 per share, with the final price determined through a book building exercise. On the other hand, the Category 2 offer will be set at a maximum discounted price of Bzs 126 per share, calculated as a 10 percent reduction from the maximum price of Bzs 140 per share. The subscription periods are set to commence on September 26, 2023, with the Category 1 offer closing on October 9, 2023, and the Category 2 offer closing on October 5, 2023. OQGN shares are expected to commence trading on the MSX on or around October 24, 2023.
NBO extends a warm invitation to investors and the public to seize the opportunity presented by the OQGN IPO and discover the convenience, trust and expertise that NBO brings to this momentous event in Oman’s financial landscape. The bank’s dedication is underscored by a distinguished track record of successful IPO collections, where NBO has consistently played a significant role, including previous IPOs like Abraj. This enduring legacy demonstrates NBO’s expertise and commitment to facilitating IPO investments, making it a trusted partner for investors in realising their goals.
