Asyad Shipping wraps IPO: Asyad Shipping — the LNG transport unit of Omani state-backed logistics giant Asyad Group — has raised USD 332.8 mn in an IPO that saw the offering of 20% of the company’s shares at the top of its indicative price range, Reuters reports, citing a company statement it has seen. The company is now set to have a market capitalization of roughly USD 1.66 bn.

Bingo: The listing was reportedly expected to raise as much as USD 332.5 and a USD 1.66 bn market capitalization by issuing over 1 bn company shares.

What’s next? Asyad Group’s newly-minted stocks are expected to debut on the Muscat Stock Exchange under the symbol “ASCO” around 12 March.

REMEMBER- The LNG transport unit set a price range of OMR 0.117-0.123 per share for its IPO back in February. The Qatar Investment Authority’s Falcon Investments and Omani state-owned Mars Development reportedly acted as anchor investors, subscribing to 20% and 10% of the offering, respectively, at OMR 0.123 per share. Subscriptions took place between 20 and 27 February.

Part of Oman’s IPO push: This move by Asyad Group is in line with the government’s push toward privatization, which includes the sale of an additional 30 Omani state-backed assets, including power utility firm Oman Electricity Transmission.

ADVISORS- EFG Hermes was appointed global coordinator, along with JPMorgan Chase, Jefferies Financial Group, and Oman Investment Bank, back in July 2024. Sohar International Bank was tapped as the issue manager, while Credit Agricole and Societe Generale served as joint bookrunners.

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