Muscat – Asyad Shipping Company SAOG announced on Tuesday the price range and details of the subscription period for its initial public offering (IPO) on MSX. The prospectus has been approved by the Financial Services Authority (FAS), which regulates and develops Oman’s financial markets for the capital market and insurance sectors.

The offer is expected to raise up to RO128.1mn at the top of the price range. valuing Asyad Shipping at up to RO640.7mn (based on FX rate  US$1 = 0.385bz)

The offering will be conducted in the manner as approved by FSA and will be offered in a parallel offering – the Selling Shareholder intends to offer 20% of Asyad Shipping’s total share capital. Immediately following the offering, a majority of the shares of Asyad Shipping will continue to be held by Asyad Group. The Company and the Selling Shareholder reserve the right to amend the size of the offering at any time prior to the end of the subscription period in their sole discretion, subject to applicable laws and the approval of the FSA.

All the shares being sold by the Selling Shareholder are existing ordinary shares and the Company 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.

Category I Offer – 468,786,985 Offer Shares have been allocated for local, regional and international Category I Applicants, being 45% of the Offer Shares. Allocation of Offer Shares to Category I Applicants will be determined by the Selling Shareholder in consultation with the Joint Global Coordinators. The minimum limit for subscription by each Category I Applicant is 100,000 Offer Shares and in multiples of 100 Offer Shares thereafter.

Anchor investors – 312,524,657 Offer Shares have been allocated for Anchor Investors, being 30% of the offer. In this respect, the Company has received irrevocable commitments from two strategic local and regional anchor investors, Mars Development and Investment LLC and Falcon Investments LLC, to subscribe for 10% (representing 33% of the total offer allocated to anchor investors) and Falcon Investments LLC, a subsidiary of the Qatar Investment Authority, committed to subscribe for 20% (representing 67% of the total offer allocated to anchor investors) of the offer. The commitments by the two anchor investors demonstrate a substantial vote of confidence in the Company’s value proposition, track record, and strategic vision.

Category II Offer – 260,437,214 offer shares have been allocated for Category II, being 25% of the offer (allocation to Category II Applicants to be made on a proportionate basis). The Category II Offer is further split equally between the Category II Applicants (large retail) and Category II Applicants (small retail) subcategories.

Large retail applicants may apply for at least 81,400 offer shares and thereafter in multiples of 100 offer shares. There is no maximum limit on the number of offer shares that may be subscribed pursuant to an application for Category II Applicants (large retail).

Small retail applicants may apply for at least 100 offer shares and thereafter in multiples of 100 offer shares. The maximum limit on the number of offer shares that may be subscribed pursuant to an application for Category II Applicants (small retail) is equivalent to no more than 81,300 Offer Shares

The shares held by the Selling Shareholder following completion of the Offering will be subject to a lockup which starts on the date of admission and ends 180 calendar days thereafter, subject to customary exceptions and waiver by the joint global coordinators. The Company will also be subject to a lock-up starting on the date of admission and ending 180 calendar days thereafter, subject to customary exceptions and waiver by the joint global coordinators. Shares purchased by the anchor investors are subject to a 90-day lock-up, following admission.

Admission of the shares to listing and trading on MSX is expected on or about March 12, 2025, subject to receiving all required regulatory approvals.

The completion of the offering and admission are subject to market conditions and obtaining all necessary regulatory approvals.

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.

Full details of the Offering are available in the Prospectus under the Key Documents section on https://AsyadShipping.com/ipo as well as at the branches of the collection agents detailed in the Prospectus.