Oman’s Asyad Group has priced an institutional share sale in its listed shipping subsidiary, Asyad Shipping, at OMR50.8 million ($132 million), as it seeks to broaden the company’s shareholder base and increase its public shareholding.
Asyad Shipping said the institutional bookbuilding process closed heavily oversubscribed. The transaction involves the sale of 5% of the company’s issued share capital by its parent, Asyad Group, raising the company’s free float to 25% upon completion and meeting the minimum requirement set by Oman’s Financial Services Authority.
The transaction is an offer for existing shares, meaning the proceeds will go to Asyad Group rather than Asyad Shipping. No new shares are being issued.
Asyad Group is also preparing a separate retail offering of up to 1.25% of Asyad Shipping at the same price, subject to regulatory approval. Settlement and listing of the institutional shares are expected on November 4, while the parent company’s remaining shares will be subject to a 180-day lock-up period following settlement.
The sale follows Asyad Shipping’s initial public offering in March 2025, which raised approximately $333 million and placed 20% of the company in public ownership.
Asyad Shipping continues to expand and renew its fleet across the tanker, dry bulk, gas and container segments. At the end of June, the company operated 91 vessels, comprising 48 owned or co-owned ships, 31 chartered-in vessels and 12 newbuildings.
Its latest fleet investment programme includes eight charter-backed MR product tankers ordered from HD Hyundai and three very large crude carriers (VLCCs) contracted at Hanwha Ocean earlier this year.
The company is also pursuing capital recycling through secondhand vessel sales. In September, it agreed to sell three ageing tankers for a combined OMR68.44 million ($178 million), including two VLCCs.
The latest share sale marks another step in Asyad Shipping’s development as a publicly traded maritime company, while its fleet expansion and renewal programme continues to strengthen its position across multiple shipping segments.