(Bloomberg) -- Oman’s OQ Gas Networks SAOG received orders for all shares in its initial public offering a day after books opened on the deal that’s potentially set to be the country’s biggest listing on record.

In the latest instance of investors piling into a Middle Eastern listing, OQGN’s institutional tranche was covered multiple times at the top of the price range by the close of the first day of bookbuilding.

OQGN, the gas pipelines unit of state energy firm OQ SAOC, started taking orders for its IPO on Tuesday. The share sale could raise as much as 297 million rials ($771 million) if it prices at the top of the range, pipping Oman Telecommunications Co SAOG’s $748 million IPO, which is currently the sultanate’s largest listing. 

OQGN will be the second IPO in Oman’s privatization program aimed at boosting state coffers and expanding its bourse. Similar listing drives in Saudi Arabia and the United Arab Emirates have raised billions of dollars over the last couple of years.

Fluxys Belgium SA, Saudi Arabia’s Public Investment Fund, and the Qatar Investment Authority are buying a combined 30% of the deal as anchor investors, while the retail tranche accounts for 30% of the IPO.

OQGN is not the only company drawing strong demand in the Middle East. Cargo firm SAL Saudi Logistics Services Co. received orders for all shares on offer in its Riyadh IPO hours after institutional books opened on Monday, Bloomberg News reported. 

Saudi car rental firm Lumi Rental Co. has jumped 32% from its offer price since shares began trading on Monday. That listing drew over $27 billion from institutional and retail investors.

OQ floated its oil-drilling unit Abraj Energy Services SAOG in March, raising $244 million in what was Oman’s biggest listing in over a decade. 

Bank Muscat SAOG, Bank of America Corp., and EFG Hermes have been appointed joint global coordinators on OQGN’s IPO.

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