Linklaters with OQ on US$500m IPO and listing

Linklaters has advised OQ Base Industries (OQBI) on its IPO on the Muscat Stock Exchange (MSX). The firm also advised OQBI’s shareholder, OQ (as selling shareholder), the energy and investment holding company owned by the Oman Investment Authority, on the transaction. OQBI is Oman’s only integrated producer of methanol, ammonia, and LPG products.

The IPO of OQBI marks the fourth divestment by way of IPO undertaken by the Omani government as part of its programme to support the development of the MSX and broader capital markets ecosystem in Oman. The team also advised on the first three IPOs, of Abraj Energy Services, OQ Gas Networks, and OQ Exploration and Production.

OQBI is selling 49% of its share capital, generating approximately US$490mn in gross proceeds. Upon listing, OQBI will have a market capitalization of approximately US$1bn. The offering has attracted substantial international and regional investor interest, including four anchor investors subscribing for 30% of the offering.

OQBI’s strategy focuses on leveraging the transition towards clean energy sources through methanol and ammonia solutions, aligned with Oman’s Vision 2040 and Net Zero goals.

Linklaters’ team

The team was led by partner and global chair of equities Jason Manketo (London & Dubai, pictured), alongside US counsel Scott James (London) and US associate Alexandra Kovaliouk (London).

MAQ Legal’s team, led by managing partner Asad Qayyum (pictured left), advised alongside Linklaters on Omani law matters.