Reaffirming its steadfast commitment to driving the nation’s economic progress, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, proudly assumes the role of Collecting Bank for the highly anticipated Sharia-compliant OQ Exploration & Production (OQEP) Initial Public Offering (IPO). Set to be the largest IPO in the Sultanate over the next decade, this announcement follows OQ SAOC’s plan to offer up to 25% of OQEP’s shares. With 40% of the IPO allocated to retail investors, the offering provides a significant opportunity for individual investors to participate in this landmark event.

The OQEP Initial Public Offering will consist of 2,000,000,000 shares, available in two categories. Category 1 of the IPO will run for the period of 30 September, 2024, to 10 October, 2024, with the subscription price ranging from Bzs 370 to Bzs 390 per share. Category 2 is further divided into two segments for Omani and Non-Omani Individuals. Omani Individuals can avail a special price of Bzs 351 per offer share, representing a 10% discount on the maximum price of Bzs 390. Subscription for Non-Omani Individuals is set at a maximum price of Bzs 390 per offer share. The subscription period for Category 2 begins on 30 September, 2024, and ends on 9 October, 2024.

In alignment with its strategic focus on financial inclusion and innovation, Bank Nizwa enables both customers and general public who are non-customers to participate in the OQEP IPO. Individual customers and general public who are non-customers alike can participate in the IPO securely and seamlessly through mobile banking services, without the need to visit branches. Corporate customers can also participate in the offering by visiting any of Bank Nizwa's branches.

Commenting on the bank’s pivotal role in the IPO, Mr. Saif Al Rawahi, Assistant General Manager - Investment, Treasury, Government relation and Project Finance at Bank Nizwa, said, “This partnership reflects the bank’s dedication to supporting key initiatives that contribute to the country’s growth and diversification objectives. Our involvement in this landmark IPO demonstrates our capability to undertake major financial roles with excellence. Committed to delivering exceptional value and service, Bank Nizwa will facilitate the subscription process through traditional and digital channels, ensuring broad accessibility and effortless participation for all investors in this opportunity.”

With OQEP’s proven track record in its segment, combined with its status as the Sultanate’s largest pure-play oil and gas exploration and production company, its IPO presents a promising opportunity for investors to participate.

Bank Nizwa’s strategic objectives align closely with OQEP’s goals, reflecting a shared commitment to advancing Oman’s Vision 2040 and supporting the energy transition. As a forward-thinking institution, Bank Nizwa recognises the importance of such initiatives in stimulating the local economy. By upholding the highest Sharia and Commercial standards of Islamic finance, the bank not only reaffirms its dedication to sustainable economic development but also enhances In-Country Value, contributing significantly to local businesses and communities.