Asyad Shipping Company announces final IPO price at the top of the range
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.
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