Asyad Group, Oman’s state-owned logistics group, has launched a sale of up to 6.25% of Muscat-listed Asyad Shipping Company to lift its free float above 25%.
The offering comprises an institutional tranche of 5% and a retail tranche of up to 1.25% of Asyad Shipping’s issued share capital, the company said in a disclosure to the Muscat Stock Exchange on Tuesday.
The sale is designed to meet the minimum free float requirement of Oman’s Financial Services Authority following the shipping company’s initial public offering on the exchange.
The institutional tranche is being sold through an accelerated bookbuild that started on Tuesday and closes on October 22. Asyad Group will set the price with the joint global coordinators once the book closes.
Final pricing and allocations are due on October 26, subject to regulatory approval. Settlement and listing of the institutional tranche are expected on November 4.
The retail tranche will open after the institutional bookbuild at a fixed price matching the institutional offer price. Its full terms will be set out in an offering circular.
Shares that Asyad Group keeps after the sale will be subject to a 180-day lock-up from the institutional settlement date.
Oman Investment Bank and Sohar International Bank are joint global coordinators and issue managers. Shipping publication TradeWinds valued the sale at about $187.5 million.
Asyad Shipping reported on October 13 that net profit after tax more than doubled to RO67.7 million in the first nine months of 2026 from RO32.6 million a year earlier, on higher freight and time charter rates. Gross revenue rose 10% to RO277.4 million.
