Linklaters advises OQ Base Industries and its shareholder, OQ, on its c.US$500m IPO and listing on the Muscat Stock Exchange

Linklaters has advised OQ Base Industries (SFZ) (OQBI) on its Initial Public Offering (IPO) on the Muscat Stock Exchange (MSX), as well as advising 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 capitalisation of approximately US$1bn. The offering has attracted substantial international and regional investor interest, including that of 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.

The team was led by partner and Global Chair of Equities Jason Manketo (London & Dubai), alongside US counsel Scott James (London) and US associate Alexandra Kovaliouk (London). MAQ Legal and a team led by Asad Qayyum advised alongside Linklaters on Omani law matters.