Oman's Asyad Shipping debuts on Muscat bourse after $333mln IPO
The maritime provider, which operates a fleet of 89 vessels and ships crude oil, liquefied natural gas and other products, started trading its shares on Wednesday under the ticker symbol 'ASCO'.
Asyad Shipping had raised $332.8 million after offering 1.04 billion shares, representing a 20% stake. The final offer price was set at Bzs 123 per share, at the top end of the range, placing the market capitalisation of the company at around OMR 641 million ($1.66 billion).
The company said its listing on the Omani stock market enables investors in the country and overseas to invest in one of the world's largest companies in the maritime shipping industry.
'Since our establishment in 2003, our journey has been marked by sustainable growth and global expansion and we have successfully built one of the world's largest diversified shipping companies,' said Ibrahim bin Bakhit Al Nadhairi, CEO of Asyad Shipping.
'As we look towards the future as a public company, we remain committed to supporting Oman's economic development, expanding our global operations and creating value for our investors.'
Asyad Shipping is expected to distribute $58 million in dividends this month, to be followed by another $75 million in September this year.
In March 2026, the company expects to make a dividend payout worth $75 million. Also in 2026, Asyad Shipping is expected to declare a fixed annual dividend of $150 million, half of which is slated for distribution in September of the same year.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com
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