Oman's OQ Gas Networks SOAG (OQGN), which is floating up to 49% of its shares, said on Wednesday that the portion of the offer reserved for institutional investors, representing 40% of the IPO size, has been covered multiple times at the maximum price of 0.140 Omani rials ($0.36) on the first day of the book-building process.

At the top of the price range the IPO is set to raise $771 million from the sale of two billion shares, making the offering bigger than Oman Telecommunications' $748 million stake sale in 2005.

The book-building period runs until October 9 for institutional investors while the 30% retail offer is expected to close on October 5. The final price is due to be announced on October 12 with shares set to start trading on October 24.

OQGN, which is Oman's gas transporter, supplies natural gas to power plants, free zones, industrial clusters, LNG complexes and other customers.

(Writing by Brinda Darasha; editing by Seban Scaria)