Linklaters Advises Asyad Shipping's $332M IPO on MSX.
Linklaters has successfully advised Asyad Shipping Company SAOG—one of the world's largest diversified maritime providers—on its Initial Public Offering (IPO) on the Muscat Stock Exchange (MSX). This IPO is a landmark event for both the company and Oman’s capital markets.
The offering raised approximately OMR 128.1 million (around USD $332.8 million) for Asyad Group SAOC and valued Asyad Shipping at OMR 641 million (approximately USD $1.66 billion). The final offer price was set at Bzs 123 per share, the top end of the previously announced price range, signaling strong demand for the company’s shares.
Key Aspects of the Asyad Shipping IPO
The offering involved a total of 1,041,748,856 existing shares representing 20% of Asyad Shipping's total issued share capital. The shares were allocated as follows:
- 25% for Category II (Retail Investors)
- 75% for Category I (Institutional Investors)
Prominent investors such as Mars Development and Investment LLC and Falcon Investments LLC—a subsidiary of the Qatar Investment Authority—secured a combined 50% of the shares in the Category I tranche, committing to 10% and 20% of the Offer Shares respectively.
These anchor investors’ involvement helped propel demand and contributed to the offering’s oversubscription.
Strategic Support and Price Stabilization
Asyad Shipping worked with Ubhar Capital SAOC, which served as the price stabilisation manager and liquidity provider for the offering. This marked the first IPO in Oman to appoint a price stabilisation manager, reflecting the company’s commitment to a smooth trading debut. Asyad Group allocated RO 10 million from the proceeds for stabilising transactions in the shares, set to begin on the first day of trading and continue for up to 30 days.
Strong Backing and Global Reach
The strong backing of anchor investors such as Mars Development and Falcon Investments LLC demonstrated substantial confidence in Asyad Shipping’s competitive advantages, including:
- $1.9 billion revenue backlog
- Support from Oman Investment Authority
- An experienced management team
- A leading industry EBITDA margin of 68%
This combination of factors contributed to the successful outcome of the IPO, which positions Asyad Shipping as a key player in the Omani economy with global reach and a strong market outlook.
The Legal Team Behind the IPO
Linklaters’ team was led by Jason Manketo, Global Chair of Equities, working out of both London and Dubai. The team also included Alexandra Kovaliouk and Cassandra Dula, US associates based in London. MAQ Legal, led by Asad Qayyum, provided local legal support on Omani law matters.
Linklaters is a global law firm known for its expertise in banking, capital markets, M&A, and dispute resolution. With a presence in over 21 countries, it serves multinational corporations, financial institutions, and governments, providing top-tier legal services across key financial centers. With nearly 200 years of experience guiding businesses through historical, economic, and commercial changes, Linklaters has built a legacy of long-lasting relationships and groundbreaking work. Serving multinational corporations, financial institutions, and governments, the firm delivers top-tier legal services across key global financial centers. Known for its innovation, diversity, and commitment to sustainability, Linklaters continues to lead in the legal industry.
