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Oman's Abraj Energy Services SAOC, a fully owned oil drilling unit of state energy company OQ, has set the final price at 249 baizas ($0.65) per share for its initial public offering (IPO), which is at the top of the price range indicated last month.
The IPO, which drew Saudi Arabia’s wealth fund as an anchor investor, was subscribed more than eight times, pulling in over $2 billion, the company said in a statement on Tuesday as the allocations closed.
OQ sold a total of 377,398,000 shares, representing 49% of Abraj's share capital.
Saudi Omani Investment Company, which is a wholly owned entity of Saudi Arabia's wealth fund Public Investment Fund (PIF), along with Oman's Royal Court Affairs and Schlumberger Oman, have committed OMR37.6 million as anchor investors, collectively subscribing to 40% of the offering.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
