Abraaj Energy Services, the oil and gas drilling and exploration arm of the state-owned Oman Oil Company (OQ), announced that it has set the final offer price of its shares at 249 bps per share, valuing the company at approximately $498 million.
OQ offered 49% of the shares, equivalent to 377 million 398 thousand shares of Abraaj, during the public offering. The IPO price range I set last month was 242 to 249 bise per share.
And the Oman Capital Market Authority has approved the distribution percentage of Abraaj Energy Company in accordance with the distribution policy, which takes into account the second category of subscribers represented by small shareholders, since 35% of the total supply was allocated to this category, in accordance with what was reported by the Oman information Agency.
The amount collected from the subscription exceeded the value of shares offered for the second category by 8 times, amounting to 246 million OMR, while the value of shares offered for subscription for the category of small investors amounted to about 29.6 million OMR.
It is planned that the subscriber shares in Energy Towers will be distributed based on the distribution of at least 4,500 shares of the small shareholder category, the distribution of 0.1121% to each subscriber of the remaining shares and the approval of the distribution of 4.62% according to a pro rata basis for each subscriber of the first category represented by large investors.
The approved distribution results ensure that the total number of investors who reach 100% of the subscription amount will be 19.6k subscribers, which is 49% of the total number of small investor subscribers of 39k subscribers, highlighting that these results are positive indicators . the amount of confidence and willingness of investors to take advantage of the investment characteristics of the stock market.
