Asyad shipping announces final IPO price at top of range

06/03/2025 03:13 AST

Asyad Shipping Company has announced the final offer price and demand levels for its initial public offering (IPO) on the Muscat Stock Exchange (MSX). The final offer price has been set at 123 baisa per share, at the top of the previously announced offer price range of 117 baisa to 123 baisa per share, raising gross proceeds of approximately RO128.1mn for Asyad Group.

Based on the final offer price, Asyad Shipping's market capitalisation upon listing will be approximately RO641mn.

The offering comprises a total of 1,041,748,856 existing shares from Asyad Group, representing 20% of Asyad Shipping's total issued share capital. Of these, 25% of the offer shares were allocated for Category II (Retail Investor) applicants, and 75% of the offer shares were allocated for Category I (Institutional Investor) applicants.

In the Category I tranche, 30% of the offer shares were allocated to two anchor investors: Mars Development and Investment, and Falcon Investments, a subsidiary of the Qatar Investment Authority. These investors committed to subscribe for 10% and 20% of the offer shares respectively, at 123 baisa per share.

Asyad Shipping, in collaboration with Asyad Group, has appointed Ubhar Capital as the price stabilisation manager and liquidity provider for the offering. Asyad Group has allocated RO10mn from the IPO proceeds to Ubhar Capital to conduct stabilising transactions in the company's shares at the final offer price, commencing on the first day of trading and continuing for a period of up to 30 calendar days thereafter.

This will be the first IPO in Oman where a price stabilisation manager has been appointed.

The backing of Asyad Shipping's offering by prominent local and regional anchor investors played a significant role in the strong demand observed during the offering.

Asyad Shipping's shares are expected to commence trading on or around 12 March 2025 under the ticker symbol 'ASCO' and ISIN OM0000010120.

Asyad Shipping is one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, with a full suite of operational capabilities, including liner services, ship management, and chartering activities. The company operates 89 vessels across over 60 countries.

Asyad Shipping has developed fully integrated operations and cultivated longstanding relationships with a diverse and international top-tier customer base. It offers a comprehensive range of maritime shipping solutions across five key business segments: container ships, product tankers, dry bulk carriers, crude tankers, and gas carriers. The Liner Shipping segment, operated through its subsidiary Asyad Line Co, connects Omani ports to strategic markets in the GCC, China, and Southeast Asia, while also providing value-added services such as storage, transportation, and customs clearance.

Muscat Daily