Linklaters has advised Asyad Shipping Company SAOG, under transformation (“the Company”), one of the world’s largest diversified maritime providers and a global leader in deep-sea transportation, on its Initial Public Offering (IPO) on the Muscat Stock Exchange (“MSX”), as well as advising the Selling Shareholder, Asyad Shipping SAOC, on the transaction.
This IPO marks the fifth transaction on which Linklaters has advised in connection with the Omani Investment Authority’s divestment programme to support the development of the MSX and broader capital markets ecosystem in Oman. Linklaters also advised on the first four IPOs, of OQ Base Industries, OQ Exploration and Production, OQ Gas Networks and Abraj Energy Services.
The final offer price has been set at Bzs 123 per share, at the top of the previously announced offer price range of Bzs 117 to Bzs 123 per share, raising gross proceeds of c. OMR 128.1m (c. USD$332.8m) for Asyad Group SAOC. Based on the final offer price, Asyad Shipping’s market capitalization upon listing will be c. OMR 641m (c. USD$1.66bn).
This transaction reflects the strength of the Company’s modern fleet and the opportunity to invest in a key player in the Omani economy with global reach and a strong market outlook.
The team was led by partner and Global Chair of Equities Jason Manketo (London & Dubai), alongside US associates Alexandra Kovaliouk (London) and Cassandra Dula (London). MAQ Legal and a team led by Asad Qayyum advised alongside Linklaters on Omani law matters.
