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
Crude Tankers

22

22 tankers , with four more under order, to transport crude oil, accounting for 33% of TCE revenue .

Gas Shipping
Gas Carriers

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
Product Tankers

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
Dry Bulk Carriers

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
Liner

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

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9.5M+
DWT1

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1,859
Total Employees

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$1bn
Investments in more environmentally friendly vessels

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89
Vessels

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8 years Average Age of Fleet 2

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$2.3 - $2.7bn
expansion plan

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$1.9B
Revenue Backlog

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238 Office
Based Employees

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$945M 23A Gross Revenue

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65% EBITDA Margin
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100%
Government Owned

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2%
Target of Carbon intensity reduction year over year 3

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21
Years of Operation

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

01
Intention to Float
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02
Price range announcement
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03
Offering commencement
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04
Close of Retail Subscriptions
05
Close of Institutional Subscriptions
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06
Announcement of the final Offer Price
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07
Notification of Retail Allocation by SMS
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08
Commencement of refunds

Announcements

ASC IPO Prospectus

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Announcements

ASC IPO Booklet
Category II – Individual Investors

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Announcements

Price Range

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Announcements

ITF Press Release

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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 investor account from Muscat Clearing and Depository Company (MCD).
  • The individual-investors can obtain new investor account through the digital channels of MCD:
    • (MCD) Official website www.mcd.om;
    • “Oman Stocks” app, available in Apple store and Google Play (Download the app from the link:https://t.co/PtNlsMHyEd )
    • It may be noted that all investments will be registered in the account opened with MCD
    • If an investor account is already opened with MCD, the same may be used. If the investor account number is forgotten, the same can be retrieved through MCD website (www.mcd.om)
  • Note: No paper based application will be accepted to get a new investor account for individuals. Juristic investors can obtain new investor account by downloading the “Investor Registration Form” from Publications >> Forms and Applications via www.mcd.om and share it along with the required documents via email to: mcd.support@mcd.om. For any assistance, contact MCD call centre on : +968 2482 2222
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

Asyad Shipping Company SAOG (under transformation) (ASC) is one of the leading players in deep-sea transportation, offering reliable and competitive shipping solutions to its diversified portfolio of blue-chip international customers.

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 is wholly owned by the Asyad Group SAOC. The Group is Oman’s global logistic hub, which is wholly owned by the Oman Investment Authority, the Sultanate of Oman’s investment arm.

• 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%
Collectively, ASC’s management team has more than 100 years of combined experience. The team:
  • 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.
Further information can be found in the IPO Prospectus.
The Company’s future business and growth strategy takes a two-prong approach, focusing on both business optimization initiatives and expansion of the Company’s fleet through its U.S.$2.3 billion to U.S.$2.7 billion capital expenditure program for the period from 2025 to 2029 (which includes U.S.$914 million of committed capital expenditure).
There is a strong market outlook across ASC’s core segments underpinned by supportive supply-demand dynamics and Omani growth and internationalization.
You should make an informed decision based on a detailed review of the offering documents and consultation with your financial advisor before making an investment decision.

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 declare a dividend of USD 58.0 million (approximately OMR 22.3 million) payable in March 2025 to shareholders of record on the basis of the Company’s performance for the year ended 31 December 2024 and to declare a dividend of USD 75.0 million (approximately OMR 29.0 million) payable in September 2025 to shareholders of record on the basis the Company’s performance for the six months ending 30 June 2025.
  • The Company expects to declare a dividend of USD 75.0 million (approximately OMR 29.0 million) payable in March 2026 on the basis of the Company’s performance for the year ending 31 December 2025.
  • In 2026, the Company expects to declare a fixed annual dividend of USD 150.0 million (approximately OMR 58.0 million), 50% of which, amounting to USD 75.0 million (approximately OMR 29.0 million), is expected to be paid in September 2026 on the basis of the Company’s performance for the six months ending 30 June 2026, and the remaining 50% of which, amounting to USD 75.0 million (approximately OMR 29.0 million), is expected to be paid in March 2027 on the basis of the Company’s performance for the year ending 31 December 2026.
  • In 2027, the Company expects to declare a dividend based on 95% of the audited net income for the year ending 31 December 2027. The Company expects to pay 50% of this dividend in September 2027 and 50% in March 2028.
  • The Company intends to maintain consistency in the distribution of profits, taking into account its growth strategy and cash flow generation.
  • 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.
• A total of 25 per cent of the Offer (260,437,214 Offer Shares) will be available for subscription by and allocation to Category II Applicants, split equally between the large and small retail subcategories. • Whether an applicant is considered in the Category II Applicants (large retail) or Category II Applicants (small retail) subcategory will be automatically determined by the number of Shares being subscribed.
  • Subscribers must have an investor account from Muscat Clearing and Depository Company (MCD).
  • The individual-investors can obtain new investor account through the digital channels of MCD:
    • (MCD) Official website www.mcd.om;
    • “Oman Stocks” app, available in Apple store and Google Play (Download the app from the link:https://t.co/PtNlsMHyEd )
    • It may be noted that all investments will be registered in the account opened with MCD
    • If an investor account is already opened with MCD, the same may be used. If the investor account number is forgotten, the same can be retrieved through MCD website (www.mcd.om)
  • Note: No paper based application will be accepted to get a new investor account for individuals. Juristic investors can obtain new investor account by downloading the “Investor Registration Form” from Publications >> Forms and Applications via www.mcd.om and share it along with the required documents via email to: mcd.support@mcd.om. For any assistance, contact MCD call centre on : +968 2482 2222

Please visit the “How to Subscribe” section on this website for more information on how to apply for shares

Contact Details

Issue Managers

Sohar International Bank SAOG

Email: projectvoyage@soharinternational.com

Media Enquiries

Kekst CNC (financial communications advisor)

Email: asyadshipping@kekstcnc.com

Investor Relations