Asyad Shipping Company has completed an initial public offering on the Muscat Stock Exchange ( MSX ).

The company, based in Muscat, Oman, is one of the world’s largest diversified maritime transport providers and a global leader in deep-sea transportation, including liner services, ship management, and chartering activities. The company operates 89 vessels, reaching over 60 countries.

The company has five key business segments: container ships, product tankers, dry bulk carriers, crude tankers, and gas carriers.

Through the IPO, Asyad Shipping offered shares representing 20% of the company’s total issued share capital. The flotation gave the company a market capitalization of 641 million Omani rials ( US$1.67 billion ).

“The listing of Asyad Shipping is an important step towards reinforcing the exchange’s position and opens new investment opportunities in the diversified maritime transport and shipping industry," says MSX chief executive officer Haitham Salim al Salmi.

"Asyad Shipping is the first company to list on the MSX this year, a valuable addition to the logistics sector on the exchange. This listing elevates the market capitalization of the MSX to approximately RO27.831 billion, and the company will be one of the ten largest listed companies on the exchange.”

He says Asyad Shipping’s listing is aligned with the Oman Investment Authority’s strategy to divest some government assets to support economic diversification efforts and achieve the objectives of Oman Vision 2040.