Asyad Shipping Company SAOG (“Asyad Shipping” or “ASC”) has officially announced the price range and subscription details for its initial public offering (IPO) on the Muscat Stock Exchange (MSX). The offering has received approval from the Financial Services Authority (FSA) of Oman, marking a significant milestone for the company and the Omani capital markets.

IPO Overview

The IPO comprises the sale of 1,041,748,856 existing shares, representing 20% of Asyad Shipping’s total issued share capital. The shares are being offered by Asyad Group SAOC, the selling shareholder. The shares being sold by the Group are existing ordinary shares and Asyad Shipping will not receive any proceeds from the sale of the shares in the offering, all of which will be paid to the Selling Shareholder. The Offering expenses will be paid by the Selling Shareholder.

Key financial highlights include:

• Expected maximum raise: OMR 128.1 million (USD 332.8 million)
• Implied valuation of Asyad Shipping: OMR 640.7 million (USD 1.66 billion)
• Subscription price range (Category I investors): Bzs 117 – 123 per share
• Fixed price for Category II retail investors: Bzs 123 per share

Strategic Investor Commitment

Asyad Shipping has secured commitments from two major anchor investors:

• Mars Development and Investment LLC: 10% of the offer
• Falcon Investments LLC (a subsidiary of Qatar Investment Authority): 20% of the offer

Subscription and Trading Timeline

• Investor roadshow begins: February 19, 2025
• IPO subscription opens: February 20, 2025
  • Institutional investors (Category I) closing date: February 27, 2025
  • Retail investors (Category II) closing date: February 26, 2025
• Expected listing and trading on MSX: March 12, 2025

Offer Structure and Allocation

The offering is structured into two categories:

1. Category I (Institutional Investors): 75% of the total offering
   • Includes 30% allocation to anchor investors
   • Minimum subscription: 100,000 shares
2. Category II (Retail Investors): 25% of the total offering
   • Split between large and small retail investors
   • Minimum subscription (small retail): 100 shares
   • Maximum subscription (small retail): 81,300 shares
   • Minimum subscription (large retail): 81,400 shares

Lock-up Periods

• Asyad Group’s remaining shares: Locked for 180 days post-IPO
• Company shares: Locked for 180 days
• Anchor Investors: Locked for 90 days

Dividend Policy

Asyad Shipping has outlined an attractive dividend policy:

• Pre-IPO dividend: USD 25.7 million (OMR 9.9 million) in February 2025
• Post-IPO dividend:
  • March 2025: USD 58 million (OMR 22.3 million)
  • September 2025: USD 75 million (OMR 29 million)
• 2026 onwards: Fixed USD 150 million annually, with semi-annual payments
• 2027 and beyond: 95% of audited net income, with semi-annual payments

Key Advisors

• Issue Manager: Sohar International Bank
• Joint Global Coordinators: Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies, JP Morgan
• Joint Bookrunners: Crédit Agricole Corporate and Investment Bank, Société Générale