Welcome to the Asyad Shipping Company SAOG IPO
Asyad Shipping Company SAOG (under transformation) (“ASC”) is one of the leading players in deep-sea transportation, offering reliable and competitive shipping solutions to our diversified portfolio of blue-chip international and local customers.
We are pleased to announce our intention to offer at least 20% of our share capital, through an Initial Public Offering (IPO) on the Muscat Stock Exchange. Following the Offering, Asyad Group will remain the major shareholder of Asyad Shipping.
Our IPO will provide an opportunity for both Omani and international investors to participate in Oman’s capital markets and share in the growth and continued development of Asyad Shipping’s diverse and robust business. The Offering will contribute to Oman's economic growth and support the nation's Vision 2040 goal of positioning the logistics industry as the second-largest contributor to GDP by 2040.
Overview
ASC is a leader in deep-sea transportation, offering reliable and competitive shipping solutions through our 89 owned, co-owned and leased vessels. We offer specialized integrated logistics solutions across oil and gas, LNG, dry bulk and container shipping segments to our highly diverse, blue-chip client base. At ASC, we want to continue on our path of responsible and profitable growth, driving sustainable development and environmental stewardship.
The Company’s revenue grew at a CAGR of 22% from 2021 to 2023, while its Adj. EBITDA achieved a CAGR of 32% during the same period, highlighting ASC’s strong financial momentum. The Company achieved revenue of $944.7 million in 2023 and $713.9 million for the first nine months of 2024. In addition to its revenue, ASC reported Time Charter Equivalent (TCE) Revenue (calculated as revenue less voyage operating costs) growing at a CAGR of 25% from 2021 to 2023. The Company reported TCE Revenue of $732.5 million in 2023 and $613.3 million for the first nine months of 2024. This strong financial performance is further supported by robust Adj. EBITDA margins of 65.2% in 2023 and 69.0% for the first nine months of 2024, reflecting ASC’s efficient cost management and high utilization rates across its fleet.
We provide deep-sea transportation and diversified maritime shipping solutions across five key business segments:
Crude Shipping
22
22 tankers , with four more under order, to transport crude oil, accounting for 33% of TCE revenue .
Gas Shipping
10
10 carriers with a further two carriers under order, to transport Liquefied Natural Gas (LNG) and Liquified Petroleum Gas (LPG) representing 18% of TCE revenue.
Product Shipping
34
34 tankers to transport refined petroleum products including gasoline, naphtha, kerosene and diesel oil. This business segment represents 27% of TCE revenue.
Dry Bulk Shipping
18
18 vessels transporting raw materials, refined products and finished guides under long-term contracts with metallurgical producers, representing 19% of TCE revenue.
Liner Shipping
5
Through our wholly-owned subsidiary, Asyad Line Co., ASC has five liners transporting containerized goods (e.g. FMCG, construction materials, electronics, vehicles) to key global markets including GCC, China and Southeast Asia, and represents 2% of TCE revenue.
In addition, ASC provides ship chartering, brokering cargo and voyage management, container and feeder services, and technical ship management services through its subsidiary companies to the majority of its owned vessels and to third party ships.
At a Glance
 9.5M+ |
 1,859 |
 $1bn
|
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 89 |
 8 years Average Age of Fleet 2 |
 $2.3 - $2.7bn |
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 $1.9B |
 238 Office |
 $945M 23A Gross Revenue |
 65% EBITDA Margin |
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 100% |
 2% |
 21 |
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1 Deadweight Tonnage is a measurement of total vessel capacity. Vessels comprise owned, co-owned and chartered in vessels along with vessels under order. This figure is as of 30th September 2024
2 Vessels comprise owned, co owned and chartered in vessels along with vessels under order.
3 CII measures the carbon emissions per unit of transport work, indicating a vessel’s environmental performance in reducing emissions.
Timeline
Intention to Float
Price range announcement
Offering commencement
Close of Retail Subscriptions
Close of Institutional Subscriptions
Announcement of the final Offer Price
Notification of Retail Allocation by SMS
Commencement of refunds
How to Subscribe
Make an informed decision:
- Read the Prospectus for more information about Asyad Shipping, its initial public offering, and who is eligible to participate in the Offer.
- Then, consult your legal, business, financial, or tax adviser(s) for legal, business, financial, or tax advice applicable to an investment in the shares.
Make sure you have an account at the MCD:
- Subscribers must have an account at the Muscat Clearing and Depository Company (MCD) and must apply to obtain an investor number and open an account by completing the MCD application.
- You can apply from the MCD’s Head Office; via the website www.mcd.om; or from brokerage companies licensed by the FSA.
- The completed form must be submitted by you through any of the following channels:
- At the head office of the MCD, at P.O. Box 952, Postal Code 112, Ruwi, Muscat, Sultanate of Oman;
- At the office of any brokerage company licensed by the FSA;
- Via facsimile to MCD at +968 24817491; or
- Via MCD website portal (www.mcd.om) with your investor account.
- Remember that all your investments will be registered via this account.
Subscribe to the Offering:
- If you have decided to invest, subscribe to the Offering by placing an application with one of the Collection Agents.
- Each Collection Agent will have its own channels for applications.
- Typically, you will have the option to apply online; via a branch; or via your bank relationship manager.
Collection Agents:
Details of the collection agents and the subscription process will be announced upon publication of the prospectus.
Documents required to apply for shares:
- Please contact your broker or the Muscat Clearing and Depository Company S.A.O.C. (MCD) to confirm that your records with them are up to date and no further information is required by them to permit you to subscribe to the Offering.
- For the purpose of applying for the shares in the Offering, you will be required to complete an application form, which is available from the Collection Agents, your broker, or the MCD.
Customers use their mobile banking apps to digitally subscribe to the IPO:
Most banks offer their customers the option to apply via their mobile banking app. Please check with your bank to confirm if this option is active on your mobile app.
FAQs
Asyad Shipping’s IPO FAQ
ASC provides diversified maritime shipping solutions to its customers, operating through its five business segments (gas shipping, crude shipping, products shipping, dry bulk shipping, and liner shipping).
• ASC has a solid, predictable, and growing financial profile supported by strong margins. The Company’s balance sheet strength has been sustained by its industry-leading Adjusted EBITDA margins, which have also grown during the periods under review.
• This growth has been primarily driven by the Company’s low-cost base, operational excellence, and strong track record in contract execution and timing.
| Currency: USD millions | Year Ended 31 December | Nine Months Ended 30 September | |||
|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2023 | 2024 | |
| Revenue | 633.3 | 904.2 | 944.7 | 713.3 | 713.9 |
| TCE Revenue | 470.3 | 649.5 | 732.5 | 551.6 | 613.3 |
| Adj. EBITDA | 273.5 | 412.7 | 478.0 | 362.3 | 423.0 |
| Adj. EBITDA Margin | 58.2% | 63.5% | 65.2% | 65.7% | 69.0% |
- Dr. Ibrahim Al Nadhairi is the CEO.
- Franck Kayser is the Chief Operating Officer.
- Imad Al Khudri is the Chief Commercial Officer.
- Ahmed Al-Shukaili is the Senior Vice President of Finance.
Asyad Shipping believes it has several competitive strengths that position it as a compelling investment opportunity, including:
- ASC maintains a revenue backlog – $1.9 billion as of 30 September 2024 – with firm commitments covering the next decade.
- The Company is backed by Oman Investment Authority, benefiting both from its ecosystem and through being a preferred partner for shipping requirements of OIA sister companies.
- Highly experienced management team with a proven track record of delivering success.
- Industry-leading Adjusted EBITDA margins, which grew from 58% in 2021 to 65% in 2023 (69% in the first 9 months of 2024).
- The Company intends to maintain a robust dividend policy designed to return to Shareholders substantially all of its distributable free cash flow after providing for growth opportunities and subject to credit rating considerations.
- The Company intends to declare dividends based on the latest audited net income, to be paid semi-annually beginning in September 2025 for the six months ending 30 June 2025.
- For the years ended 31 December 2025 and 2026, the Company expects to declare a fixed annual dividend of U.S.$150 million (approximately OMR [●] million), U.S.$75 million (approximately OMR [●] million) of which is expected to be paid in September and U.S.$75 million (approximately OMR [●] million) of which is expected to be paid in March of the following year.
- For the years ended 31 December 2025 and 2026, the Company expects to declare a fixed annual dividend of U.S.$150 million (approximately OMR 58 million), U.S.$75 million (approximately OMR 29 million) of which is expected to be paid in September and U.S.$75 million (approximately OMR 29 million) of which is expected to be paid in March of the following year.
- The Company expects to pay 50 per cent. of this dividend in September 2027 and 50 per cent. in March 2028. Thereafter, the Company intends to maintain consistency in the distribution of profits, taking into account its growth strategy and cash flow generation.
- The Company intends to pay out dividends for the first six months of the year in September of that year and for the last six months of the year in March of the following year.
- This dividend policy is designed to reflect the Company’s expectation of strong cash flow and expected long term earnings potential while allowing the Company to retain sufficient capital to fund ongoing operating requirements and continued investment for long term growth.
- This dividend policy is subject to the consideration of the Board in relation to the cash management requirements of the Company’s business for operating expenses, financing expenses and anticipated capital expenditures.
- In addition, the Company expects that the Board will also consider market conditions, the then current operating environment in the markets in which the Company operates, the Company’s capital structure, cash generation profile, any other approvals required and the Board’s outlook for the Company’s business and growth.
- The Category II Offer process will be conducted through the E-IPO Mechanism.
- Any Applicant who subscribes for the Offer Shares must have an account and Investor Number with the MCDC. Any Applicant may apply to obtain an Investor Number and open an account by completing the “MCDC Application”. This may be obtained from the MCDC’s Head Office or its website at www.mcd.om, Oman Stocks application or from brokerage companies licensed by the FSA.
- Applicants will be able to submit Applications to the Collection Agents during official banking working hours on or before the Category II Offer Closing Date. Prospective investors will need to contact a Collection Agent for further guidance on the E-IPO channel provided by the respective Collection Agent.
- The application must be completed in full in accordance with the instructions contained in the Prospectus. Incomplete applications may be rejected. Please visit the “How to Subscribe” section on this website for more information on how to apply for shares.
Please visit the “How to Subscribe” section on this website for more information on how to apply for shares
