Linklaters Advises OQ Base Industries on $1bn IPO, Advancing Oman’s Vision 2040
Linklaters has acted as legal advisor to OQ Base Industries (SFZ) (OQBI) on its Initial Public Offering (IPO) on the Muscat Stock Exchange (MSX). The firm also advised OQBI’s shareholder, OQ—an energy and investment holding company owned by the Oman Investment Authority—on the transaction as the selling shareholder. OQBI stands as Oman’s sole integrated producer of methanol, ammonia, and LPG products.
OQBI’s IPO represents the Omani government’s fourth divestment through an initial public offering, aligning with its initiative to strengthen the Muscat Stock Exchange (MSX) and foster the growth of Oman’s broader capital markets ecosystem. The team also advised on the first three IPOs, of Abraj Energy Services, OQ Gas Networks and OQ Exploration and Production.
OQBI is divesting 49% of its share capital, aiming to raise approximately US$490 million in gross proceeds. Following the listing, the company is expected to achieve a market valuation of around US$1 billion. The offering has garnered significant interest from both regional and international investors, with four anchor investors committing to 30% of the total shares on offer.
OQBI’s strategy centers on driving the shift toward clean energy by promoting innovative methanol and ammonia solutions. This approach aligns seamlessly with Oman’s Vision 2040 and its ambitious Net Zero objectives.
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.
