OQ Base Industries IPOs on Muscat Stock Exchange

In October A&O Shearman represented the underwriters in connection with the landmark USD2.03 billion IPO of OQ’s Exploration and Production business, (OQEP), also on the Muscat Stock Exchange. This was the largest ever IPO in Oman and the second largest in the Middle East and North Africa region this year.

The OQBI and OQEP IPOs continue a recent trend of significant IPOs of energy assets in the region in which A&O Shearman has acted as an advisor. These include ADNOC Gas and ADNOC L&S on the Abu Dhabi Securities Exchange, where A&O Shearman acted for the underwriters.

The A&O Shearman team was led by partner Adam Wells, London, supported by counsel Harsha Kumar, Dubai, senior associate, Katrien Wilmots, London, associate James Clark, Dubai and U.S. law clerk, Chan Sriram, London.