MUSCAT: Asyad Shipping SAOG (under transformation) has announced the price range and subscription details for its initial public offering (IPO) on the Muscat Stock Exchange (MSX). The offering, which is backed by strategic anchor investors, is expected to raise up to RO 128.1 million ($332.8 million), valuing the company at RO 640.7 million ($1.66 billion) at the upper price range.
The IPO comprises the sale of 1,041,748,856 existing shares, representing 20% of Asyad Shipping’s total issued share capital. The shares are being sold by Asyad Group SAOC, the company’s parent and sole shareholder.
Two major institutional investors have committed to the offering: Mars Development and Investment LLC will subscribe for 10% of the offer. Falcon Investments LLC, a subsidiary of the Qatar Investment Authority (QIA), will take 20% of the offer.
Both investors will acquire their shares at Bzs 123 per share, reflecting strong confidence in Asyad Shipping’s market position and growth potential.
The offering will be divided into two categories:
1. Category I (Institutional Investors) – 75% of the total offer size, with a price range of Bzs 117 to Bzs 123 per share, determined through a bookbuilding process.
2. Category II (Retail Investors) – 25% of the total offer size, with a fixed price of Bzs 123 per share.
The subscription period opens on February 20, 2025, with institutional investors’ subscriptions closing on 27 February and retail investors’ subscriptions closing on February 26. Asyad Shipping shares are expected to commence trading on March 12, 2025 on MSX.
The selling shareholder, Asyad Group, will retain a majority stake post-IPO. Following the listing, the shares held by Asyad Group will be subject to a 180-day lock-up period, while anchor investors’ shares will be locked for 90 days.
Sohar International Bank has been appointed as the Issue Manager, while Oman Investment Bank, EFG Hermes, Jefferies, and JP Morgan will act as Joint Global Coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale will serve as Joint Bookrunners.
Asyad Shipping has outlined an attractive dividend distribution plan to reward shareholders.
Pre-IPO dividend: $25.7 million (RO 9.9 million) will be paid to existing shareholders in February 2025.
Post-IPO dividends: $58 million (RO 22.3 million) in March 2025 and $75 million (RO 29 million) in September 2025.
2026 dividend plan: $150 million (RO 58 million), split into two equal payments in September 2026 and March 2027.
From 2027 onwards, dividends will be based on 95% of audited net income, paid in two tranches annually.
Asyad Shipping launched an investor roadshow in Oman on February 19, 2025 to attract local and international investors. With strong backing from key institutional players and a structured growth strategy, Asyad Shipping’s IPO is set to be one of Oman’s most significant public offerings, reinforcing the country’s ambitions to expand its capital markets and shipping sector.
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