BankDhofar supports Asyad Shipping milestone IPO
BankDhofar, the second-largest bank in Oman by branch network, is pleased to announce its role in facilitating the Initial Public Offering (IPO) of Asyad Shipping SAOG "Under Transformation".
As part of the offering, BankDhofar will provide a 1:1 financing facility to retail and corporate banking customers, ensuring seamless access to this significant investment opportunity.
The IPO comprises the sale of 1,041,748,856 existing shares of Asyad Shipping by Asyad Group SAOC, representing 20% of Asyad Shipping’s total issued share capital. Anchor investors Mars Development and Investment LLC and Falcon Investments LLC, a subsidiary of the Qatar Investment Authority, have committed to subscribing for 10% and 20% of the offer, respectively, at Bzs 123 per share. The IPO is expected to raise up to OMR 128.1 million (USD 332.8 million) at the top of the price range, valuing Asyad Shipping at up to OMR 640.7 million (USD 1.66 billion).
The subscription price for Category I investors will range between Bzs 117 and Bzs 123 per share, with the final price determined through a bookbuilding exercise, while the subscription price for Category II retail investors is set at Bzs 123 per share. The offering includes a Category I allocation for institutional investors, representing 75% of the total offer size, with 30% reserved for anchor investors. The remaining 25% is allocated to Category II retail investors. Subscription opens on 20th February 2025, with the Category I offer closing on 27th February 2025 and the Category offer closing on 26th February 2025.
The Asyad Shipping IPO presents a compelling investment opportunity in a globally competitive shipping platform with a diverse fleet of 89 vessels, spanning container ships, product tankers, dry bulk carriers, crude tankers, and gas carriers. As a core entity within the state-owned integrated logistics conglomerate Asyad Group, Asyad Shipping has consistently by driven cost efficiency, operational excellence, and robust contract management supported by long-term agreements with top-tier clients.
BankDhofar iscommitted in ensuring that investors can participate in this landmark IPO conveniently and efficiently. Customers can apply digitally through BankDhofar’s user-friendly mobile application, enabling instant and hassle-free participation. Recognizing the diverse needs of retail investors, BankDhofar offers a 1:1 IPO financing option through its mobile banking app, allowing customers to access funds instantly or by visiting any of its branches across Oman.
Significantly, IPO financing from BankDhofar is available at 0% interest/profit, respectively, for the first 15 days from the IPO listing, ensuring that investors can participate without incurring additional financial costs.
Investors can also visit any of 131-branches of BankDhofar network to apply through the Muscat Clearing and Depository E-form, with trained staff available to assist throughout the application process.
With this initiative, BankDhofar reaffirm its commitment to providing innovative financial solutions that empower both retail and corporate customers to capitalize on high-value investment opportunities.
