BankDhofar and Dhofar Islamic offer hassle-free subscription to OQBi IPO via mobile apps
BankDhofar, the second largest network of branches in Oman, and Dhofar Islamic; the Islamic Window of BankDhofar, are pleased to announce their role in facilitating the Initial Public Offering (IPO) of OQ Base Industries (OQBi). BankDhofar is also acting as the Joint Global Coordinator and Issue Manager for the IPO.
OQ Base Industries (OQBi) is Oman’s sole integrated producer of methanol, ammonia, and LPG products, has announced plans for an initial public offering (IPO) of 49% of its shares. This move adds to a series of recent IPOs from subsidiaries of OQ Group.
As part of the offering, BankDhofar and Dhofar Islamic will provide a 1:1 financing facility to retail and corporate banking customers to facilitate participation in this milestone investment opportunity. The offering consists of a total of 1,695,150,517 shares, representing 49% of OQBi's total issued share capital. The IPO is expected to raise circa OMR 188.2 million (equivalent to circa $490 million) at the top of the price range, valuing OQBi at circa OMR 385 million (equivalent to circa $1 billion).
The Shariah Supervisory Board “SSB” of Dhofar Islamic in the capacity of Shariah Advisor of the issuance has issued a pronouncement confirming that, in its view, based on the circumstances as at the date of this pronouncement, the offering is Sharia compliant.
The OQBi IPO represents a significant investment opportunity. Both BankDhofar and Dhofar Islamic are committed to making it convenient and accessible for their customers to participate in this exciting venture. Customers can apply for the OQBi IPO digitally through the user-friendly mobile application which allows for instant and hassle-free participation. Customers can also visit any of BankDhofar and Dhofar Islamic’s cumulative 129 strong branch network to apply through the MCD E-form. Staff are well trained and available to assist throughout the application process.
Recognizing the diverse needs of our retail customers, BankDhofar offers a 1:1 IPO financing option through its mobile banking app. Customers can access the funds they need directly through the app or by visiting any of its branches around the Sultanate of Oman.
Additionally, Dhofar Islamic provides a Sharia-compliant 1:1 IPO Financing option with equally competitive fees. Customers may avail this facility by visiting any of Dhofar Islamic branches. This means that customers can easily secure the necessary funds to invest in the IPO.
It is worth mentioning that IPO finance from BankDhofar and Dhofar Islamic comes with 0% interest/profit respectively for the first 15 days from the IPO Listing, ensuring that customers can participate in the OQBi IPO without incurring additional financial costs. There is a nominal processing fee of 0.25% + VAT for IPO applications with a minimum of OMR 25 + VAT and a maximum cap of OMR 125 + VAT, making it a cost-effective option for them. The subscription period is open from 24 November 2024, with the Category I (Institutional) offer closing on 1 December 2024 and the Category II (Retail) offer closing on 28 November 2024. This initiative reflects BankDhofar and Dhofar Islamic’s continued commitment to offering innovative financial solutions that empower both retail and corporate customers.
BankDhofar’s pivotal role as the Issue Manager, Joint Global Coordinator and collecting bank ensures a seamless and efficient subscription experience, reflecting the bank’s commitment to operational excellence and its position as a leader in Oman’s financial landscape.
Take advantage of this unique opportunity to invest in the OQBi IPO. Download the BankDhofar or Dhofar Islamic mobile banking app today and be a part of this exciting journey.
