Oman’s Asyad Shipping Company Raises $333M in Stock Market Listing
Oman’s Asyad Shipping Company raised $332.8 million (OMR 128.1 million) in its first stock sale (IPO) at the Muscat Stock Exchange (MSX) by setting the final share price at the highest level.
Asyad Shipping’s IPO
Asyad Shipping set its final share price at 123 baisa, the highest in the announced range of 117-123 baisa, according to a statement on Tuesday.
At this price, the company—specializing in transporting liquified natural gas (LNG), crude oil, and other products—will have a market value of $1.66 billion (OMR 641 million) when it starts trading.
The offering included 1.04 billion existing shares, which belong to its state-owned parent company, Asyad Group. This represents 20% of Asyad Shipping’s total shares.
Ubhar Capital was appointed to help stabilize the stock price and manage liquidity, a first for an IPO in Oman. Asyad Group set aside $25.97 million (OMR 10 million) from the IPO to allow Ubhar to support the stock price for up to 30 days after trading begins.
Asyad Shipping’s shares are expected to start trading around March 12 under the ticker symbol ASCO.
Share Allocation
In the IPO:
- 75% of the shares went to institutional investors (Category I).
- 25% went to retail investors (Category II).
Within Category I:
- 30% of the shares were given to two key investors: Mars Development and Investment LLC (10%) and Falcon Investments LLC (20%), a unit of the Qatar Investment Authority. Both agreed to buy at the highest price of 123 baisa per share.
Oman’s Privatization Plan
Oman is working to attract foreign investors and grow its economy by selling state-owned assets. The government plans to list 30 such assets to boost the stock market.
In 2024, companies raised a record $2.5 billion through IPOs on the Muscat stock exchange. This included listings from two units of the state-owned energy company OQ SAOC.
This privatization strategy, along with financial reforms, has helped Oman reduce debt and turn its past budget deficits into a surplus since 2022.
Published: 5th March 2025
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