ahlibank provides customers opportunity to subscribe to OQGN IPO

Business Sunday 01/October/2023 18:03 PM
By: Times News Service
ahlibank provides customers opportunity to subscribe to OQGN IPO

Muscat: In line with its efforts to provide the best for its growing customer base, ahlibank has recently announced its participation as the Collecting Bank for OQ Gas Networks (OQGN) Initial Public Offering (IPO).

This is in line with the bank’s strategic objectives to collaborate with key institutions across the Sultanate of Oman, to bring the latest propositions to its customers.

Customers can use the mobile banking app to subscribe to the IPO at their convenience. The bank will provide the 1:1 financing option service digitally at competitive rates. In addition, ahli Islamic, ahlibank’s Islamic banking window, will also offer 1:1 IPO financing through its mobile banking app.

Individuals (Category II) willing to subscribe to the IPO can do so starting September 26 until October 5 whereas institutions (Category I) who wish to subscribe can apply starting from September 26 until October 9.

ahlibank research division initiated the OQ Gas Network report with a target price of 160 Baisas, implying an upside of 14.1 per cent on the high end of the IPO price range (for Category I investors) and 26.8 per cent upside on the IPO price (for Category II investors).

In regards to making this year’s most talked about IPO subscription accessible to a broader populace, Hana Al Kharusi, Senior General Manager – Wholesale Banking, ahlibank, said, “We are thrilled to be a facilitator of the biggest IPO in the sultanate, as it is a testament to our commitment to providing excellent services. This reinforces our dedication to empowering businesses and investors with innovative solutions. We look forward to helping our customers seize this remarkable opportunity and navigate their path to financial success."

A successful IPO of OQGN will create value for customers and will contribute to the growth and development of Oman’s capital markets. ahlibank has been an active player in Oman’s capital market since acting as the issue manager for the successful IPO of Abraj Energy Services earlier this year. The investment banking division at ahlibank provides a one-stop-shop solution for both corporates and investors. The Bank’s innovative solutions include fundraising through debt capital markets and equity capital markets as well as core expertise in mergers & acquisitions, asset management, brokerage and research services.