Oman's state energy company raised $2 billion from the initial public offering of its exploration and production business.

OQ Exploration and Production (OQEP), a subsidiary of Oman’s state-run energy company OQ, has raised 780 million Omani rials ($2.02 billion) through its initial public offering, making it the sultanate's biggest IPO.

The offering was priced at the top of its indicative range of 370-390 baizas per share and was oversubscribed by around 2.7 times, including anchor investors

OQEP, the exploration and production business of Oman's state oil group, has raised $2.03 billion from its initial public offering (IPO) on the local stock exchange, it said on Thursday. OQEP, which is floating around 2 billion shares equal to a 25% stake,