Asyad Shipping shares steady on market debut after RO128mn IPO

13/03/2025 08:13 AST

Asyad Shipping Company, one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, successfully listed on the Muscat Stock Exchange (MSX) on Wednesday following the completion of its initial public offering (IPO).

Shares of Asyad Shipping closed unchanged on their debut on the MSX on Wednesday, following the company's RO128.1mn IPO. Shares opened at 123bz per share on the first day of trading, matching the IPO offer price. The shares closed at the same level - 123bz - at the top of the IPO price range.

More than 19mn Asyad Shipping shares were traded on the first day of trading, with total turnover reaching RO2.356mn, according to MSX data.

The bell-ringing ceremony took place at 10:00 am on Wednesday morning at the MSX, with trading of Asyad Shipping's shares commencing under the ticker symbol ASCO.

Through the IPO, a total of 1,041,748,856 ordinary shares were offered to investors, representing 20% of the company's total issued share capital. The offer price was set at 123bz per share, with Asyad Shipping's market capitalisation at approximately RO641mn.

Asyad Shipping has established a robust dividend policy, demonstrating its commitment to shareholder returns. The company intends to declare a dividend of approximately RO22.3mn, payable in March 2025, and a further dividend of approximately RO29mn, payable in September 2025.

Looking ahead, based on projected performance for the year ending December 31, 2025, the company expects to declare a dividend of approximately RO29mn, payable in March 2026.

Commenting on the company's listing on the MSX, Dr Ibrahim bin Bakhit al Nadhairi, CEO of Asyad Shipping, said, "I am incredibly proud to see Asyad Shipping list on the Muscat Stock Exchange. Since our establishment in 2003, our journey has been marked by sustainable growth and global expansion, and we have successfully built one of the world's largest diversified shipping companies, leveraging Asyad Group's advanced infrastructure. As we look towards the future as a public company, we remain committed to supporting Oman's economic development, expanding our global operations, and creating value for our investors and partners by continuously seeking out new growth opportunities."

Asyad Shipping's public listing on the MSX allows domestic and international investors to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy.

Haitham Salim al Salmi, CEO of the Muscat Stock Exchange, said, "The listing of Asyad Shipping is an important step towards reinforcing the exchange's position and opens new investment opportunities in the diversified maritime transport and shipping industry. Asyad Shipping is the first company to list on the MSX this year, a valuable addition to the logistics sector on the exchange. This listing elevates the market capitalisation of the MSX to approximately RO27.831bn, and the company will be one of the ten largest listed companies on the exchange."

"Asyad Shipping's listing is aligned with the Oman Investment Authority's strategy to divest from some government assets, to support economic diversification efforts and achieve the objectives of Oman Vision 2040," he added.

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, reaching over 60 countries.

Asyad Shipping 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.

Muscat Daily