Shipping Firm Said to Seek at Least $1 Billion Value in Oman IPO

Asyad Group SAOC, backed by Oman’s sovereign wealth fund, unveiled plans for the initial public offering of its shipping unit, as the sultanate pushes forward with its privatization drive.

The logistics group will sell at least a 20% stake in Asyad Shipping Co., according to a statement on Wednesday.

The subscription period will begin in February and the firm is expected to be listed on the Muscat stock exchange in early March, according to terms of the deal seen by Bloomberg.

The company is considering seeking a valuation of at least $1 billion, according to people familiar with the matter, who declined to be identified because the information is private. A representative for Asyad Shipping was not available for comment.

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The Asyad Group, with over $4.1 billion in assets, has interests across maritime services, ports and free zones, logistics and public services. An executive had told Bloomberg News in July that the group is planning to list the shipping unit by the end of 2024.

In addition to Asyad Shipping, Oman has earmarked around 30 state-backed assets it plans to divest as part of a privatization program, including power utility Oman Electricity Transmission Co.

State-owned energy firm OQ SAOC raised a combined $2.5 billion last year by listing its exploration and production business and its methanol and liquefied petroleum gas unit. Those two large deals propelled Oman ahead of the UK in terms of IPO fundraising volumes in 2024.

Asyad Shipping plans to pay an annual dividend of $150 million in 2025 and 2026, according to the statement.

Sohar International Bank has been appointed as the issue manager, while JPMorgan Chase & Co, Jefferies Financial Group Inc., EFG Hermes and Oman Investment Bank are among the joint global coordinators. Credit Agricole SA and Societe Generale will be the joint bookrunners for the issue.

Established in 2003, Asyad Shipping operates a fleet of 89 vessels serving over 60 countries.