Asyad Group, a prominent global integrated logistics provider, today announced its intention to offer at least 20 per cent of the issued share capital in Asyad Shipping Company (ASC), one of the world’s largest diversified maritime shipping companies, through an initial public offering (IPO).

 

It plans to list its ordinary shares for trading on the Muscat Stock Exchange (MSX). 

 

The offering comes as part of Asyad Group's vision to drive its operational growth, diversify its business portfolio, and achieve sustainability and long-term growth. Since its inception through the end of 2023, Asyad Group has consistently delivered a strong and sustainable financial performance, achieving a remarkable compound annual growth rate (CAGR) of 21% in revenue and 73% in net profit. This growth has been underpinned by the group's expansion into over 90 geographical markets, including into major global economies such as China, India, the United States, and the GCC. 

 

Established in 2003, Asyad Shipping is one of the world’s largest providers of diverse shipping and maritime solutions. It is competitively positioned to meet the needs of high-growth markets such as Asia, the Middle East, North Africa, Europe and the Americas. 

 

ASC operates 89 multi-purpose vessels reaching over 60 countries, linking Omani and global ports, and providing reliable and competitive shipping solutions to all major industrial sectors. It is also distinguished by its long-standing strategic and commercial partnerships with many major international clients, reinforcing its position as a leader in the global shipping and maritime transportation sector, the company said.

 

Wholly owned by Asyad Group, Asyad Shipping leverages the group's advanced infrastructure and shared resources to provide comprehensive solutions to customers around the world. Additionally, its integration within Asyad Group's major ports, economic and free zones supports the efficient handling, exporting and importing of cargo and containers with reduced waiting times at ports, and thus maximises its competitiveness and sustainable business growth across major markets.

 

Sohar International Bank has been appointed as the issue manager. Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies and JP Morgan, have been appointed as joint global coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners.

 

KEY DETAILS OF THE OFFERING

Asyad Group (the selling shareholder) owns 100% of Asyad Shipping prior to the offering. The selling shareholder expects to offer at least 20% of the total issued share capital of Asyad Shipping, with the selling shareholder retaining the right to amend the size of the offering at any time at their sole discretion in line with the applicable laws and the approval of the FSA. 

 

The offering will be in two tranches to eligible and qualified institutional investors in Oman and other institutional investors in a number of countries (the Category I Investors) and retail investors in Oman (Category II Investors). It will be conducted in the manner approved by the FSA and will be carried out concurrently. 

 

• Category I (Institutional Tranche) offer represents 75% of the total offering and will be made to eligible investors in Oman and qualified institutional and other investors in several countries, with allocation of offer shares determined by the selling shareholder in consultation with the joint global coordinators. Of the 75% of shares allotted to the institutional tranche, 30% of  have been allocated for anchor investors.

 

• Category II (Retail Tranche) offer represents 25% of the total offering for retail investors in Oman. 

 

The subscription period for Category I and Category II investors is expected to commence in February 2025, after receiving the required approval from the FSA. -TradeArabia News Service