Daily 8 News | Latest Breaking News & Updates

Zawya

15-04-2025

Business
Zawya

Asyad Shipping below water as stabilisation ends: IFR

Volatile global markets meant it was perhaps inevitable that newly listed Asyad Shipping would need support from stabilisation following its IPO, though Omani companies haven't always had the easiest debuts of late anyway. Asyad Shipping is the first Omani IPO to include stabilisation and a brownshoe was used. The company allocated up to OR10m of proceeds to stabilisation manager Ubhar Capital to support the shares. Ubhar spent OR8.38m in stabilisation, shrinking the IPO to OR119.7m (US$310.9m). Purchases were made at the OR0.123 issue price and OR0.118. The price range for the IPO was OR0.117–OR0.123 and shares on Monday closed down 0.9% at OR0.116. The IPO initially saw 1.04bn shares sold, representing 20% of the company, in a process run by joint global coordinators EFG Hermes, Oman Investment Bank, Jefferies, JP Morgan and Sohar International and joint bookrunners Credit Agricole/Kepler Cheuvreux and Societe Generale. Shares had traded at or just above issue following the March 12 debut until dropping 4.8% to OR0.118 on April 7. Asyad receives around 51% of time charter equivalent revenue from oil and gas, and oil-exposed local peers have been particularly hit by the fallout from US president Donald Trump's tariff announcements, with OQ Exploration and Production down 13.8% and Abraj Energy Services down 3.1% since markets reopened on April 6 following Eid al-Fitr. Energy names including Aramco and Adnoc Drilling led indices lower last week with losses of more than 5% in a single day. The first Omani deal to include stabilisation used the model from the UAE due to both countries lacking any legal safe harbour from market manipulation rules for a greenshoe run by syndicate banks. Instead both countries use a brownshoe with a third party as stabilisation manager.

Asyad Shipping sets offer price, raises $333mln in Oman IPO

Zawya

05-03-2025

Business
Zawya

Asyad Shipping sets offer price, raises $333mln 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.

Asyad Shipping sets offer price, raises $333m in Oman IPO

Trade Arabia

04-03-2025

Business
Trade Arabia

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.