MUSCAT: Asyad Shipping Company has set the final offer price for its initial public offering (IPO) at 123 baisas per share, the upper end of the announced price range of 117-123 baisas.
The IPO raised RO 128.1 million ($332.8 million) for Asyad Group, with the company’s market capitalisation expected to reach RO 641 million ($1.66 billion) upon listing on the Muscat Stock Exchange on March 12, 2025.
The offering, which was oversubscribed 1.4 times, saw strong participation from both institutional and retail investors. A total of 1.04 billion shares, representing 20% of Asyad Shipping’s total issued capital, were offered.
Institutional investors, including key anchor investors Mars Development and Investment Company (10%) and Falcon Investment Company (20%), were allocated 75% of the offering, while 25% was reserved for individual investors.
The Financial Services Authority approved the final allocation of shares, ensuring that small and large retail investors received 100% of their subscribed shares. Institutional allocations were managed in consultation with the joint global coordinator as per the conditions outlined in the prospectus.
This IPO marks the first in Oman to appoint a price stabilisation manager. Asyad Group has allocated RO 10 million to Ubar Capital, which will act as the price stabilisation manager and liquidity provider for up to 30 days post-listing.— ONA
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