The IPO of Oman’s Asyad Shipping Company will see just over 1bn shares offered for a 20% free-float at OR0.117–OR0.123 for a deal size of OR121m–OR128.2m (US$316.7m–$332.9m).

Terms were released on Monday by the government's news service Oman News Agency almost four weeks after the deal launched.

The price range values the company at OR605m–OR641m and represents a dividend yield of 9%–9.5% based on a fixed dividend of US$150m-equivalent for 2025 and 2026.

Pricing is in line with spin-offs from OQ, which are trading between 8.1%–11.8% on 2025 numbers.

Shares of peers are down year to date, by as much as 13.4% for oilfield drilling business Abraj Energy Services amid a softening in oil prices that has seen Brent Crude futures fall nearly 10% since a mid-January peak.

An intention to float on January 22 was followed by bankers reporting positive engagement from investors throughout pre-marketing, however regulatory approvals delayed progress. Announcement of the range had previously been slated for last week.

Subscription for Asyad Shipping will now open on Thursday and run until February 27.

Three tranches will see 45% be offered to institutions, 25% to retail and 30% to anchor investors.

Allocations for the institutional tranche will take place entirely on a discretionary basis.

EFG Hermes, Oman Investment Bank, Jefferies, JP Morgan and Sohar International are joint global coordinators, and joint bookrunners with Credit Agricole/Kepler Cheuvreux and Societe Generale.

Source: IFR