Muscat – Asyad Group, Oman’s leading integrated logistics provider, has announced plans to launch an initial public offering (IPO) of at least 20% of its shipping subsidiary, Asyad Shipping Company, with the aim of listing its shares on the Muscat Stock Exchange.

The offering is part of Asyad Group’s strategy to accelerate operational growth, diversify its business portfolio, and position itself for long-term sustainability, the company said in a statement.

Founded in 2003, Asyad Shipping is one of the world’s largest providers of integrated maritime solutions. The company is strategically positioned to cater to high-growth markets, including Asia, the Middle East, North Africa, Europe, and the Americas.

The company operates a fleet of 89 multi-purpose vessels, connecting over 60 countries and offering shipping services to key industrial sectors. Asyad Shipping’s competitive edge lies in its ability to link Omani and global ports with reliable, cost-effective solutions.

The IPO will be structured in two tranches. The institutional tranche (Category I), representing 75% of the total offering, will be open to eligible investors in Oman and select institutional investors internationally. Of this, 30% will be reserved for anchor investors. The retail tranche (Category II), comprising the remaining 25%, will be available to retail investors in Oman.

The subscription period for both tranches is expected to begin in February 2025, pending approval from the Financial Services Authority.

Further details of the offering, including the terms for both categories of investors, will be disclosed in an Offering Document to be published by Asyad Shipping before the subscription period begins.

Sohar International Bank has been appointed as the Issue Manager for the IPO, with Oman Investment Bank, EFG Hermes, Jefferies, and JP Morgan acting as joint global coordinators. Crédit Agricole Corporate and Investment Bank, along with Société Générale, will serve as joint bookrunners.

Asyad Shipping has experienced robust financial growth, with revenues increasing at an average annual rate of 22% from 2021 to 2023. The company generated revenue of $944.7mn in 2023 and $713.9mn in the first nine months of 2024.