Oman’s Asyad Shipping on Tuesday said it raised about $332.8 million after pricing its initial public offering at the top end of an indicative price range.
Asyad Shipping, which focuses on transporting liquefied natural gas, crude oil and other products, will have a market capitalisation of around $1.66 billion after the listing, it said.
Parent company Asyad Group – Oman’s state-owned logistics firm – sold at least 20% of Asyad Shipping’s total issued share capital in the IPO.
Oman is pushing forward with a privatisation drive to attract foreign investors. That, along with fiscal reforms, has helped the Sultanate pay down debt and turn its large fiscal deficit of recent years into a surplus since 2022.
The IPO is also backed by a unit of the Qatar Investment Authority and a local investment firm owned by the Omani government as anchor investors.
Asyad Shipping said its shares are expected to trade on the Muscat Stock Exchange on or about 12 March, under the symbol ‘ASCO’.
Source: Reuters