MUSCAT : The final offer price is set at 123 baisas per share, the top of the previously announced offer price range of 117 baisas to 123 baisas per share, with gross proceeds amounting to RO 128.1 million ($332.8 million).

Based on the final offer price, Asyad Shipping’s market capitalisation upon listing will be RO 641 million (USD 1.66 billion).

The Offering comprised of a total of 1,041,748,856 existing shares by Asyad Group, representing 20 percent of Asyad Shipping’s total issued share capital. Of those, 25 percent of Offer Shares were allocated for Category II (Retail Investor) applicants and 75 percent of Offer Shares were allocated for Category I (Institutional Investors) applicants.

In the Category I tranche, 30 percent of Offer Shares were allocated to the two anchor investors, Mars Development and Investment LLC and Falcon Investments LLC, a subsidiary of the Qatar Investment Authority, who committed to subscribe for 10 percent and 20 percent of the Offer Shares respectively, at 123 baisas per share.

Asyad Shipping, in collaboration with Asyad Group, appointed Ubhar Capital SAOC as the price stabilization manager and liquidity provider for the Offering. Asyad Group has allocated RO 10 million from the IPO proceeds to Ubhar Capital to conduct stabilizing 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.

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 LLC and Falcon Investments LLC, a subsidiary of the Qatar Investment Authority, showed substantial confidence in Asyad Shipping’s competitive strengths such as its revenue backlog of USD 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 percent. Their participation provided crucial momentum, contributing to the oversubscription levels experienced in the IPO.

ASC shares are expected to commence trading on or around 12 March 2025 under the ticker symbol “ASCO” and ISIN OM0000010120.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.