Oman Oil-Drilling IPO Draws PIF as Anchor Investor

Oman’s OQ SAOC plans to raise as much as $244 million from the initial public offering of its oil-drilling unit and has brought in Saudi Arabia’s wealth fund as an anchor investor. Three subsidiaries of state-owned energy firm OQ are selling 49% of Abraj Energy Services SAOC — or just over 377 million shares. Oman is joining the Gulf’s listing boom, which has mainly been confined to Saudi Arabia and the United Arab Emirates.