Asyad Shipping raises $333m in Oman IPO

Oman’s Asyad Shipping, a subsidiary of state-controlled logistics giant Asyad Group, has raised $333m through an initial public offering on the Muscat Stock Exchange.

The IPO involved more than 1bn shares, of which 75% were allocated to institutional investors.

The anchor investors, Mars Development and Investment, an Omani state-owned entity, and Falcon Investments, a subsidiary of the Qatar Investment Authority, bid for 10% and 20% of the offer share, respectively.

Based on the final offer price, the company’s market capitalisation on listing will be about $1.7bn.

Shares are expected to start trading on or about March 12.

Established in 2003, Asyad boasts a fleet of around 90 ships, including tankers, dry bulk vessels, and LNG carriers. Last July, the Middle Eastern owner ordered four VLCCs worth around $520m at Hanwha Ocean in South Korea, with deliveries set for 2026 and the first quarter of 2027.