Asyad Shipping Company announces final IPO price at the top of the range
Muscat: Asyad Shipping Company (under transformation) , one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, on Tuesday 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 baisas per share, at the top of the previously announced offer price range of 117 baisas to 123 baisas per share, raising gross proceeds of OMR128.1 million ($332.8 million) for Asyad Group, (the Selling Shareholder).
Based on the final offer price, Asyad Shipping's market capitalisation upon listing will be OMR641 million ($1.66 billion).
The Offering comprised of a total of 1,041,748,856 existing shares (Offer Shares) by Asyad Group, representing 20% of Asyad Shipping's total issued share capital. Of those, 25% of Offer Shares were allocated for Category II (Retail Investor) applicants and 75% of Offer Shares were allocated for Category I (Institutional Investor) applicants. In the Category I tranche, 30% of Offer Shares were allocated to the two anchor investors, Mars Development and Investment and Falcon Investments, a subsidiary of the Qatar Investment Authority, who committed to subscribe for 10% and 20% of the Offer Shares respectively, at 123 baisas per share.
Asyad Shipping, in collaboration with Asyad Group, appointed Ubhar Capital as the price stabilisation manager and liquidity provider for the Offering.
Asyad Group has allocated OMR10 million 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 for a period of up to 30 calendar days thereafter.
The Asyad Shipping IPO 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 seen during the Offering.
Mars Development and Investment and Falcon Investments, a subsidiary of the Qatar Investment Authority, showed substantial confidence in Asyad Shipping's competitive strengths such as its revenue backlog of $1.9 billion, its backing by the Oman Investment Authority (OIA), its highly experienced management team, and its industry-leading adjusted EBITDA margin of 68%.
Their participation provided crucial momentum, contributing to the oversubscription levels experienced in the IPO.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
13-05-2025
- Times of Oman
Oman Investment Authority announces winners of its Excellence Award
Muscat: Oman Investment Authority (OIA) has revealed the winners of the second edition of its Excellence Award, reinforcing its commitment to fostering a culture of continuous improvement and recognising companies that contribute to national goals while encouraging competitiveness and performance excellence. Omantel secured the award in the Growth and Job Creation category for increasing its revenue compared to the previous year, allocating 18% of its assets to new projects—achieving 98% of its annual targets. The company also created new jobs for Omanis alongside replacements, raising its Omanisation rate to 94%. ITHCA Group excelled in the Financial Sustainability category, ranking highest in the 2024 financial sustainability assessment due to significant improvements in key indicators and delivering positive financial performance. In the Private Sector and SME Empowerment category, Omra Group won for achieving high growth in SME development, facilitating private-sector investment exits, and ensuring 56% of total investments were private-sector driven. OQ Group claimed the Local Value-Added, Research, Development and Innovation award for having the highest average spending on local value-added within its supply chain in 2023–2024. The group also led in supplier development programs, local product and service customisation, and R&D initiatives. Asyad Group won the Project Excellence award for its Asyad Container Terminal in Duqm, recognized for efficient execution within budget, timeline, and safety standards, alongside a 70% Omanisation rate and 43% local procurement, boosting in-country value. Abdulsalam Mohammed Al Murshidi, OIA Chairman emphasised the authority's responsibility beyond financial returns, stating its focus on national priorities like economic diversification, local value addition, knowledge transfer, job creation, and governance best practices. He noted that the award reflected tangible progress, with companies showing improved 2024 revenues, new investments, operational expansions, and sustained Omanisation efforts. Strategic private-sector partnerships and SME support initiatives also grew, alongside increased local procurement, which directed OMR265.5 million to SMEs. Local value-added rose to 32% in 2024 (from 23% in 2023), with over 50 innovative projects developed. The announcements were made at the ninth Rawabit Forum, held under the patronage of Dr. Khamis Saif Al Jabri, Head of Oman Vision 2040 Implementation Follow-up Unit, and attended by board chairs and CEOs. The forum highlighted innovation and alignment with national priorities. OIA showcased its role in advancing Oman's agenda, including human capital development—creating 6,500 jobs (77.7% Omanisation) across its 41,000-strong workforce. It also emphasised local value-added integration into subsidiary KPIs, a social investment policy launched in Q1 2024, and reducing subsidiary debt by OMR1.8 billion in 2024 to enhance credit ratings and reinvestment capacity. The National Development Portfolio (NDP), established in 2021, has contributed OMR3 billion to the state budget, with OMR8 billion invested in Oman Vision 2040 priority sectors. OIA launched the NDP Strategy to amplify its support for Oman Vision 2040, focusing on renewable energy, hydrogen, carbon neutrality by 2050, downstream value addition, sector localization, and competitive advantage. The forum also saw key agreements, including Asyad's partnership with Hafeet Rail and Takatuf Oman to enhance logistics training, and Mazoon Mining's $270 million financing from local and regional banks, alongside construction contracts with Asyad, ONIC, and Strabag Oman.
Observer
12-05-2025
- Observer
Asyad Group adopts Global Impact Disclosure Framework
MUSCAT: Asyad Group announced the launch of its 'Global Impact Disclosure Framework', marking it as the first Omani company and second global logistics provider to disclose its sustainability impact through the global framework established by the Impact Disclosure Taskforce, in collaboration with J P Morgan's Development Finance Institution. As one of the first logistics providers in the region to adopt this advanced global framework, Asyad is setting new standards for evaluating the impact of its development projects in relation to the UN Sustainable Development Goals (SDGs). This disclosure bolsters global financial market confidence and catalysis more green investments in Oman. The launch was announced during Asyad Group's participation in the Oman Sustainability Week 2025, where Asyad was also awarded the Platinum Award in ESG, for the second consecutive year, in recognition of its leading role in embedding sustainability standards across its operations and their innovative green logistics solutions that contribute to Oman's Net-Zero 2050 goals. Essam al Sheibany, Vice President of Sustainability at Asyad Group, emphasised that this disclosure reflects the Group's deep commitment to sustainable development and effective governance, stating: 'We believe that transparency is the foundation of real progress. This framework provides clearer visibility into the environmental and social impact of our logistics investments, enabling stronger partnerships and reinforcing our role in shaping a low-emissions, future-ready logistics sector.
Observer
08-05-2025
- Observer
Total assets of Asyad Shipping top RO 1.1 billion
MUSCAT, MAY 8 Total assets of Asyad Shipping Company SAOG, Oman's majority government-owned maritime transportation company, has recorded a rise in the valuation of its assets to RO 1.099 billion at the end of Q1 2025, up from RO 1.085 billion at the end of 2024 – a growth driven by an increase in property, vessels and equipment, right of use assets and trade receivables. Announcing its maiden financial results for Q1 2025 – the first since the company's successful listing on the Muscat Stock Exchange (MSX) in March following the completion of its Initial Public Offering (IPO) – Asyad Shipping also witnessed an increase in the size of its diversified ocean-going transportation fleet. 'During the first quarter of 2025, two newly built Product Tankers had been acquired that are under construction where the first installment was paid for in Q1 2025; Furthermore, we have made an additional payment related to one of the newly built LNG vessels acquired in 2023,' Abdulrahman Salim Al Hatmi, Chairman of the Board of Directors - Asyad Shipping Company SAOG, noted in the Directors' report for the quarter. Owned 80 per cent by Asyad Group, the Oman-based global integrated logistics enterprise, Asyad Shipping currently operates a fleet of 86 vessels, of which 47 are owned or co-owned, 33 are chartered-in and 6 are under order. The fleet comprises: 22 crude tankers (including 16 VLCCs, four Suezmax vessels and two Aframax vessels); 32 products tankers (26 MRs, two LR2s, two methanol carriers, one small tanker and one small chemical tanker); 17 dry bulk carriers (four VLOCs, nine Ultramax vessels, two Supramax vessels and two Kamsarmax vessels); 10 gas carriers (eight LNG carriers, one VLGC and one MGC); and Five container vessels (two Handymax vessels, one Handysize vessel, one Supramax vessel and one Panamax vessel). A further six new vessels, currently under construction at Korean shipyards, are set to join the fleet over the next two years. Asyad Shipping and its associated ship management and charter companies reported a net profit of RO 11.4 million for Q1 1025, compared to RO 12.8 million for the same period in 2024. Gross revenue amounted to RO 83.8 million, which was slightly lower than the RO 86.4 million recorded in Q1 2024. Parent holding company Asyad Group – part of Oman Investment Authority (OIA) – continues to leverage its expansive presence encompassing the ports, shipping and maritime, land and coastal transportation, and logistics segments, to reinforce the country's appeal as a logistics hub. 'Asyad Group is committed to positioning the Sultanate of Oman as a global logistics gateway and a regional distribution hub for international trade,' commented Abdulrahman al Hatmi, Asyad Group CEO. In an interview featured in Enjaz & Eejaz, the quarterly newsletter of Oman Investment Authority, Al Hatmi, said Asyad Group is 'actively exploring opportunities for foreign acquisition and expansion into new markets'. At the same time, various subsidiaries of the Group have kicked off a number of landmark initiatives that will catalyse further economic growth and investment inflows, he said. Notable among these developments are: the start of construction of the Muscat Airport Free Zone; southern expansion of Sohar Port; Phase 2 development of Sohar Freezone; development of Port Suwaiq and Port Sultan Qaboos; and preparatory works for the Hafeet Rail network project. 'In terms of future plans, ASYAD has completed all necessary studies to develop and operate the Integrated Economic Zone in Al Dhahirah Governorate, enhancing trade links with the Kingdom of Saudi Arabia. It has also finalized agreements for the establishment and operation of a dry port in Al Rawdha, Al Buraimi Governorate, to strengthen trade flows with the United Arab Emirates,' he added.
