Asyad Shipping charts Oman IPO course

Oman’s state-controlled logistics giant Asyad Group has moved to sell shares in Asyad Shipping through an initial public offering.

Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners for the group, which plans to sell a stake of at least 20% in Asyad Shipping and float it on the Muscat Stock Exchange.

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.

The subscription period will start in February, and Asyad Shipping’s listing on the Omani bourse is expected in early March. Sohar International Bank will serve as the issue manager, while JPMorgan Chase, Jefferies Financial Group, EFG Hermes, and Oman Investment Bank are among the joint global coordinators.