Asyad Shipping sets offer price, raises $333m in Oman IPO
Asyad Shipping Company, one of the world's largest diversified maritime providers and a global leader in deep-sea transportation, today (March 8) announced the final offer price and demand levels for its initial public offering (IPO) on the Muscat Stock Exchange.
The Omani group has set the final price for its IPO at Bzs123 per share, at the top of the marketed price range of Bzs 117 to Bzs 123 per share, raising gross proceeds of RO128.1 million ($333 million).
Based on the final offer price, Asyad Shipping's market capitalization upon listing will be RO641 million ($1.66 billion).
The IPO comprises a total of 1,041,748,856 existing shares by Asyad Group (representing 20% of Asyad Shipping's total issued share capital). Of these, 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 Bzs 123 per share.
Asyad Shipping, in collaboration with Asyad Group, appointed Ubhar Capital as the price stabilisation manager and liquidity provider for the IPO.
Asyad Group has allocated RO10 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 stabilization manager has been appointed.
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