BankDhofar offers convenient OQEP IPO subscription

BankDhofar, the second largest networked branches in Oman, is pleased to announce its role in facilitating the highly anticipated OQ Exploration & Production (OQEP) Initial Public Offering (IPO).

As part of the offering the bank will provide a 1:1 loan facility for retail and corporate bank customers, making it easier for participation in this milestone. The offering comprises of a total of two billion shares (the largest IPO in Oman’s history), representing 25% of OQEP’s total issued share capital. The IPO is expected to raise up to OMR 780mn (equivalent to $2.026bn) at the top of the price range, valuing OQEP up to OMR 3.120bn (equivalent to $8.104bn).

The OQEP IPO presents a significant investment opportunity, as BankDhofar is committed to ensuring that its customers have a convenient and accessible experience when participating in this exciting venture. Customers can apply for the OQEP IPO digitally through the bank's user-friendly mobile app. This digital platform allows for instant and hassle-free participation and customers can also visit any of BankDhofar’s 130 strong branch network to apply through MCD E-form. The staff are trained and are available to assist throughout the application process.

Recognizing the diverse needs of our retail customers, BankDhofar is offering a 1:1 IPO Finance option via its mobile banking app. Customers can access the funds they need directly through the app. In addition to the application, customers can go directly to any of BankDhofar's branches. This means customers can secure the necessary funds with ease to invest in the IPO.

It is worth mentioning that IPO Finance from BankDhofar comes with 0% interest for the first 15 days from IPO Listing, ensuring that customers can participate in the OQEP IPO without incurring additional financial costs. There is a nominal processing fee of 0.25% + VAT for IPO applications with the maximum cap of OMR 125 + VAT, making it a cost-effective option for them. The subscription periods open from 30 September 2024, with the Category I offer closing on 10 October 2024 and the Category II offer closing on 9 October 2024. This initiative reflects BankDhofar’s continued commitment to offering innovative financial solutions that empower both retail and corporate customers.