Oman’s Asyad Shipping is expected to set a price range next week ahead of books opening for what is thought to be an up to US$$376m-equivalent all-secondary Muscat IPO.
Asyad Group, which is owned by the Oman Investment Authority, is expected to offer shares for a minimum 20% free-float with the option to increase it to 23%.
Pre-marketing began on January 22 with investor meetings completed, but it is yet to progress to the next phase. Bankers involved cited the time needed to secure regulatory approvals as the reason for the gap before the next stage.
“There’s strong local interest from across the Middle East region but it’s very much a global business as well so you do see good interest on the part of international investors,” said a banker involved.
A second banker said the delay in opening books is also linked to discussions about cornerstone investments.
According to the second banker, investor engagement had been good, notably from locals.
Once a price range is announced the timeline is expected to follow the typical Omani approach of a decoupled bookbuild, though exact timescales have varied.
OQ Base Industries set a range on November 18 and opened books on November 24. Prior to that OQ Exploration and Production set a price range on September 22, roadshows began on September 25 and books opened on September 30.
EFG Hermes, Jefferies, JP Morgan, Oman Investment Bank and Sohar International Bank are joint global coordinators on Asyad Shipping alongside joint bookrunners Credit Agricole/Kepler Cheuvreux and Societe Generale.
Source: IFR
