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Times of Oman
04-03-2025
- Business
- Times of Oman
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.
Zawya
20-02-2025
- Business
- Zawya
Oman: Asyad Shipping sets price range for $332.4mln IPO
Muscat: Asyad Shipping, a subsidiary of Asyad Group, has announced the price range for its highly anticipated initial public offering (IPO), which is set to open for public subscription on Thursday. The offering, expected to raise up to RO128.1mn at the top end of the price range, will value the company at up to RO640.7mn. The IPO will consist of 1,041,748,856 existing shares being sold by Asyad Group, representing 20% of Asyad Shipping's total issued share capital. Post-offering, Asyad Group will remain the majority shareholder. The offering is split into two categories: A Category I institutional offer (representing 75% of the total offer size) and a Category II retail offer (representing the remaining 25%). The Category I offer includes a significant 30% of the offering allocated to Anchor Investors. A total of 468,786,985 offer shares (45% of the total shares on offer) will be allocated to institutional investors in the Category I offer, which will be open to local, regional, and international applicants. The minimum subscription for Category I investors is 100,000 shares, with additional subscriptions in multiples of 100 shares thereafter. The Category II retail offer will be allocated 260,437,214 shares (25% of the total offering). Subscriptions will be made on a proportionate basis. The Category II allocation is split between large retail investors and small retail investors, with the minimum subscription for large investors set at 81,400 shares. There is no maximum limit for Category II large retail investors, while small retail investors can subscribe for a minimum of 100 shares, with a maximum limit of 81,300 shares. The subscription price for the Category I offer is expected to fall between 117bz and 123bz per share, with the final price determined through a book-building process. The Category II offer will have a fixed subscription price of 123bz per share. The IPO subscription opens on February 20, 2025. The Category I offer will close on February 27, 2025, and the Category II offer will close on February 26, 2025. Anchor investors Asyad Shipping has secured firm commitments from two strategic anchor investors – Mars Development and Investment, an Oman-based firm, and Falcon Investments, a subsidiary of the Qatar Investment Authority. Together, the two investors have committed to subscribing to 30% of the total offer, with Mars Development and Investment agreeing to take up 10% and Falcon Investments 20%, at the offer price of 123bz per share. The commitments by the two anchor investors demonstrate a substantial vote of confidence in Asyad Shipping's value proposition, track record, and strategic vision. Shares of Asyad Shipping are expected to begin trading on the Muscat Stock Exchange (MSX) on or around March 12, 2025, subject to receiving all necessary regulatory approvals. Sohar International Bank has been appointed as the issue manager, with Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies, and JP Morgan acting as joint global coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners. Dividend policy Asyad Shipping has outlined an attractive dividend policy, with an expectation of strong cash flows and long-term earnings growth. Prior to the IPO, the company has declared a dividend of RO9.9mn, payable in February 2025 to pre-IPO shareholders. Post-IPO, the company plans to pay dividends of RO22.3mn in March 2025 and RO29mn in September 2025, based on its financial performance for the year ending December 31, 2024, and for the six-month period ending June 30, 2025, respectively. A further dividend of RO29mn is expected in March 2026, based on the performance for the year ending December 31, 2025. Looking ahead, for the year 2026, Asyad Shipping aims to distribute a fixed annual dividend of RO58mn, with 50% payable in September 2026 and the remaining 50% in March 2027. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
19-02-2025
- Business
- Muscat Daily
Asyad Shipping sets price range for RO128mn IPO
Muscat – Asyad Shipping, a subsidiary of Asyad Group, has announced the price range for its highly anticipated initial public offering (IPO), which is set to open for public subscription on Thursday. The offering, expected to raise up to RO128.1mn at the top end of the price range, will value the company at up to RO640.7mn. The IPO will consist of 1,041,748,856 existing shares being sold by Asyad Group, representing 20% of Asyad Shipping's total issued share capital. Post-offering, Asyad Group will remain the majority shareholder. The offering is split into two categories: A Category I institutional offer (representing 75% of the total offer size) and a Category II retail offer (representing the remaining 25%). The Category I offer includes a significant 30% of the offering allocated to Anchor Investors. A total of 468,786,985 offer shares (45% of the total shares on offer) will be allocated to institutional investors in the Category I offer, which will be open to local, regional, and international applicants. The minimum subscription for Category I investors is 100,000 shares, with additional subscriptions in multiples of 100 shares thereafter. The Category II retail offer will be allocated 260,437,214 shares (25% of the total offering). Subscriptions will be made on a proportionate basis. The Category II allocation is split between large retail investors and small retail investors, with the minimum subscription for large investors set at 81,400 shares. There is no maximum limit for Category II large retail investors, while small retail investors can subscribe for a minimum of 100 shares, with a maximum limit of 81,300 shares. The subscription price for the Category I offer is expected to fall between 117bz and 123bz per share, with the final price determined through a book-building process. The Category II offer will have a fixed subscription price of 123bz per share. The IPO subscription opens on February 20, 2025. The Category I offer will close on February 27, 2025, and the Category II offer will close on February 26, 2025. Anchor investors Asyad Shipping has secured firm commitments from two strategic anchor investors – Mars Development and Investment, an Oman-based firm, and Falcon Investments, a subsidiary of the Qatar Investment Authority. Together, the two investors have committed to subscribing to 30% of the total offer, with Mars Development and Investment agreeing to take up 10% and Falcon Investments 20%, at the offer price of 123bz per share. The commitments by the two anchor investors demonstrate a substantial vote of confidence in Asyad Shipping's value proposition, track record, and strategic vision. Shares of Asyad Shipping are expected to begin trading on the Muscat Stock Exchange (MSX) on or around March 12, 2025, subject to receiving all necessary regulatory approvals. Sohar International Bank has been appointed as the issue manager, with Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies, and JP Morgan acting as joint global coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners. Dividend policy Asyad Shipping has outlined an attractive dividend policy, with an expectation of strong cash flows and long-term earnings growth. Prior to the IPO, the company has declared a dividend of RO9.9mn, payable in February 2025 to pre-IPO shareholders. Post-IPO, the company plans to pay dividends of RO22.3mn in March 2025 and RO29mn in September 2025, based on its financial performance for the year ending December 31, 2024, and for the six-month period ending June 30, 2025, respectively. A further dividend of RO29mn is expected in March 2026, based on the performance for the year ending December 31, 2025. Looking ahead, for the year 2026, Asyad Shipping aims to distribute a fixed annual dividend of RO58mn, with 50% payable in September 2026 and the remaining 50% in March 2027.
