A&O Shearman advises underwriters on Asyad Shipping's USD333 million IPO on the Muscat Stock Exchange

The IPO, which was completed on March 12, 2025, was the third major listing on the MSX in the last six months, following the landmark USD2.03bn IPO of OQ's exploration and production business and USD333m IPO of OQ Base Industries, on the MSX, the largest ever in Oman and the second largest in the Middle East and North Africa region in 2024. A&O Shearman also represented the underwriters in connection with these transactions, demonstrating its leading role in the GCC equity capital markets.

Jeff Hendrickson, Partner at A&O Shearman, said: "We are delighted to have advised the underwriters on this successful IPO, which showcases Asyad Shipping's strong business model and growth prospects, as well as the attractiveness of the MSX as a listing venue for regional and international investors. This transaction also marks the first time that a greenshoe price stabilisation mechanism has been implemented in Oman, enhancing the liquidity and stability of the shares in the aftermarket."

Harsha Kumar, Counsel at A&O Shearman, added: "This IPO is another milestone for the Omani capital markets and reflects the continued momentum and confidence in the sector. We are proud to have been involved in all three of the recent IPOs on the MSX, which highlight our deep expertise and experience in advising on complex and innovative equity offerings across the GCC region."

The A&O Shearman team was led by Jeff Hendrickson (partner, London) and Harsha Kumar (counsel, Dubai), supported by Maggie Casteel (senior associate, London), Morgan Jordan (associate, London) and James Clark (associate, Dubai).