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The Oman Investment Authority (OIA) is planning an initial public offering (IPO) for logistics firm Asyad Group, as the sultanate strengthens its divestment strategy.
The OIA has connected with banks to pitch for the share sale, according to a Bloomberg report, citing people familiar with the matter.
Details on the valuation or timing of the IPO were also not immediately available, the same news report stated, with representatives from the OIA not available for comment.
According to Asyad’s website, the state-owned transport group is a $4 billion enterprise. Its assets include three deep ports, one dry port, two free zones, an economic zone, and a fleet of over 80 vessels.
The company also operates a delivery services arm through Asyad Express.
A Reuters report from earlier this month cited investment bank EFG Hermes as saying it was “very bullish” on Gulf markets in 2024, expecting more, smaller IPOs from the region from a year earlier.
Last year, OQ Gas Networks SAOC raised $772mln in an IPO, one of the largest recorded in Oman.
(Writing by Bindu Rai, editing by Seban Scaria)
