DUBAI: Oman’s OQ Gas Network, the pipelines business of the sultanate’s state oil giant OQ, has invited banks to pitch for bookrunner roles in its planned initial public offering (IPO), two sources close to the matter told Reuters OQ Gas Network is preparing for a public share sale that could take place as early as June, the sources said on condition of anonymity because the matter was not public. One of the sources said OQ could raise more than $500 million from the deal.

Bank of America and Bank Muscat were selected last year for top roles on the deal, the sources said. OQ declined to comment when contacted by Reuters on Monday.

Reuters reported last May that Oman’s state energy company was considering an IPO of its gas pipeline network. The planned IPO follows this month’s flotation of OQ’s oil drilling business, Abraj Energy Services, which raised $244 million from selling a 49% stake. OQ Gas Network is Oman’s exclusive gas transportation system operator, which supplies natural gas to the country’s power plants, freezones, industrial clusters, LNG complexes and other customers.

Companies from the Middle East raised $21.9 billion through IPOs in 2022, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows.