Asyad Shipping IPO's retail subscription ends on Wednesday
The offering is open to Category II investors, which includes both retail and high-net-worth individuals, at a price of 123bz per share. The Category II offering comprises 260.44mn shares, representing 20% of the total IPO size.
The IPO subscription period for Category I investors, which includes local and foreign institutional investors, will close on Thursday. The price per share ranges between 117bz and 123bz, with a total of 468.79mn shares, representing 45% of the total IPO offering.
Asyad Shipping has offered 1.042bn ordinary shares, representing at least 20% of the company's total issued share capital, with the IPO valued at over RO128mn. This move aligns with Asyad Shipping's vision to expand its operational growth, diversify its business portfolio, and ensure long-term sustainability.
The company's shares are expected to commence trading on the Muscat Stock Exchange (MSX) on 12 March 2025.
The offering has attracted major investors who have secured 312.525mn shares, representing 30% of the total IPO, at a price of 123bz per share. Among them, Mars Development and Investment has committed to subscribing to 10% of the offering, while Falcon Investments, a subsidiary of the Qatar Investment Authority, has committed to 20% of the transaction.
In collaboration with the Oman Chamber of Commerce and Industry (OCCI), Asyad Shipping has concluded a series of seven investor introductory sessions held across various governorates of Oman. These sessions were attended by business leaders and investors as part of the company's efforts to engage with potential stakeholders and educate them about the IPO process and investment opportunities. The sessions included a comprehensive company presentation highlighting growth opportunities, investment potential, and expected dividend distributions.
During the introductory session at the Muscat Stock Exchange on Tuesday, Dr Ibrahim bin Bakhit al Nadhairi, CEO of Asyad Shipping, emphasised that the company is a leading global transport platform adhering to international standards. He highlighted the company's growth trajectory, strategic expansion plans, and competitive positioning in global maritime trade.
He informed that Asyad Shipping aims to attract new investors, expand its partnership base, and grow its fleet, which currently comprises 89 vessels serving various industrial and commercial sectors across 60 countries, with a customer base exceeding 4,500 clients.
Nadhairi reiterated that the IPO aligns with the objectives of Oman Vision 2040, reinforcing economic diversification policies, sustainable growth, and corporate governance principles.
Ahmed bin Khamis al Shukaili, Senior Vice-President for Finance at Asyad Shipping, affirmed that the company maintains a strong financial position, with a sustainable growth trajectory and high sector-leading profit margins.
He disclosed that the company's revenue reached $1.9bn by September 2024, supported by long-term contractual commitments. In 2023, the company's total revenue stood at $945mn, with an EBITDA margin of 68%.
Shukaili highlighted that equivalent revenue from vessel leasing grew at a compound annual growth rate (CAGR) of 25%, reaching $733mn in 2023, compared to $470mn in 2021. He also confirmed that Asyad Shipping has planned investments ranging between $2.3bn and $2.7bn over the medium term.
Asyad Shipping has adopted a strategic capital structure to support long-term growth and operational flexibility. The company's net financial debt stood at $1.21bn, rising to $1.229bn when including lease obligations, as of 30 September 2024.
Shukaili further assured that Asyad Shipping maintains a positive cash position and strong cash flow, enabling it to self-finance operations and capital requirements. The company targets a net leverage ratio of approximately 2.5x adjusted earnings in 2025, reinforcing its commitment to financial efficiency and operational sustainability.
Asyad Shipping is among the world's largest companies in maritime transport and shipping services, boasting a comprehensive portfolio of assets and operational capabilities. Its services include liner shipping, vessel management, and chartering operations, solidifying its position as a leading player in global shipping markets.
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