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(Bloomberg) – A record of $ 2.5 billion from new stock sales helped Oman last year with lapfrog -markets such as the United Kingdom, but the sultanate stands for an early test of the appetizers in 2025.
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The plan of the Oman Investment Authority-Backed Asyad Group to sell at least a 20% interest in the scorching unit is against the background of Gedempte Debut for two first public offers, including the biggest deal ever from Muscat. The IPO from Asyad Shipping Co. will also serve as an indication of the government’s ability to carry out its rejection program, for which it has reserved around 30 assets.
“The success of Asyad will be a much needed catalyst for many more IPOs in the sultanate,” said Nishit Lakhotia, head research at Sico Bank. Recent Omani offers disappointed investors who are looking for quick profit from turning the shares after the list, he added.
The shares of OQ Exploration & Production SAOG have fallen by 17% since their list of October, while the shares of OQ Base Industries SAOG are largely flat since the debut last month. Companies that were made public in 2023 also made an effort – OQ Gas Networks Saoc has fallen by 6% and Abraj Energy Services SAOG acts almost 4% lower.
The weak outlook for energy prices may have dented the appetite for recent Omani ipos, which were linked to the oil and chemical sectors, according to Hasin Malik, emerging and frontier markets at Tellimer.
Since October, the Benchmark MSX 30 -Index of Oman has fallen by 3%, while the MSCI GCC countries have won almost 4%combined index and Brent Raw Futures has risen by 7.5%.
Asyad Shipping offers marine transport services for important exports, making the company “relatively safe and sticky”, says Lakhotia. A generous dividend policy can also help lure investors, he said.
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Learning curve
Oman is walking behind regional colleagues Saudi Arabia and the United Arab Emirates for a few years in his rejection program and his urge to develop his capital markets. The Muscat Stock Exchange is one of the smallest Bourses in the region, with a market capitalization of just over $ 31 billion, according to data collected by Bloomberg.
In August, the Regulator of the Capital Markets of the Land approved measures to stimulate lists in the private sector and secondary liquidity. “The reforms are all present to act as a catalyst,” said Lakhotia.
