OQ Base Industries experienced a disappointing trading debut after its $489 million IPO in Muscat, with shares dropping nearly 10% below the offer price of 111 baisas ($0.29). The state-owned OQ SAOC sold a 49% stake, valuing the firm at $1 billion. This follows a trend of lackluster performances in Middle Eastern listings, including Talabat and Lulu Retail. The IPO garnered 387 million rials in demand from investors, with significant commitments from multiple firms. OQ plans to distribute about $85 million in dividends for 2024 and aims for a 5% increase in subsequent years.