OQBI Announces 30% Coverage of IPO Offering

Muscat: The institutional tranche of OQ Basic Industries’ (OQBI) IPO, which comprises 30 per cent of the shares offered for subscription, has been covered at the upper end of the price range of 110 baisas per share, since the first day of the subscription period, which ends on November 28 for individuals and December 1 for institutions.

Dr. Lamia bint Hareb Al Kharousi, Director of Subscription Implementation at OQ Group, said that this turnout reflects the strength of demand and the attractiveness of supply, which highlights the distinctive investment value of OQ Basic Industries and confirms the confidence of institutional investors in the company’s capabilities and promising growth opportunities.

She added that with the subscription covered by the institutional category from the first day and the main investors who pledged to purchase 30 percent of the shares offered for subscription, the subscription in OQ Basic Industries shares has been covered by 60 percent. It is worth noting that the distribution of shares is according to the following percentages: 30% of the shares are allocated to the first category (institutions), and 40% of the shares offered to individuals, with 20% for small investors and 20% for large investors, in addition to the third category, which are the main investors who have pledged to subscribe to 30% of the shares offered for subscription.

A unified share price will be adopted, applicable to all categories, and determined through the subscription order book building process within a price range starting from 106 baisas and ending at 111 baisas.