Muscat – The Financial Services Authority (FSA) has approved the initial public offering (IPO) of Asyad Shipping Company, with the company set to offer approximately 1.042 billion shares worth over RO128mn. The offering represents 20% of the company’s capital.

The IPO will be open for subscription from February 20 to 26 for individual investors, while institutional investors can subscribe until February 27. The share price for individual investors has been set at 123 baisas per share, while the institutional offering will follow a book-building process within a price range of 117 to 123 baisas per share.

According to the FSA, the IPO is divided into three categories: institutional investors, individual investors, and major investors. Institutional investors will receive 45% of the total offering, equally divided among local, regional, and international institutions. The minimum subscription for this category is 100,000 shares, with no upper limit.

Individual investors have been allocated 25% of the offering, with a minimum subscription of 81,400 shares, in multiples of 100. Small individual investors can subscribe to a minimum of 1,000 shares and a maximum of 81,300 shares.

The remaining 30% of the IPO is allocated to major investors, who can subscribe to 312.5mn shares worth over RO40.63mn.

Asyad Shipping, a subsidiary of Asyad Group under the Oman Investment Authority, is going public as part of the government’s strategy to divest from state-owned assets. The offering aligns with Oman Vision 2040, which aims to attract domestic and foreign investment.

The IPO is expected to broaden the investor base and provide an opportunity to invest in one of Oman’s key players in maritime transport.