Omifco aims for $675m as Oman IPO opens

• Fertiliser company lists in Muscat
• 25% of share capital available
• ‘Deepens Oman’s capital markets’

Oman India Fertiliser Company (Omifco) aims to raise OMR260 million ($675 million) from its IPO, which opened for subscription on Tuesday.

The subscription offers 1.672 billion shares, representing 25 percent of the company’s issued share capital, according to a statement from the country’s Financial Services Authority (FSA).

OQ, the state-run energy company, owns 50 percent of the venture, with the other half split equally between Indian Farmers Fertiliser Cooperative Limited and Krishak Bharati Cooperative Limited.

“This move is set to deepen Oman’s capital markets, broaden the investor base and create new investment opportunities for both individuals and institutions,” the FSA said.

The offer price range is set between OMR0.146 ($0.38) and OMR0.156 per share. Subscription will run through to June 25. Omifco shares are expected to begin trading on the Muscat Stock Exchange on July 8.

Omifco will be the first company to list on the Muscat Stock Exchange this year.

Bank Muscat and Société Générale are joint global coordinators, while Bank Muscat is the issue manager.

Omifco, incorporated in 1998, operates two ammonia and two urea trains in Oman with annual nameplate capacities of 1.15 million tonnes per annum and 1.65 million tonnes per annum, respectively.

Omifco generated revenue of $802 million in 2025 and $207 million in the first quarter of 2026. It expects to distribute total dividends of $185 million for 2026.

Further reading:

• Omifco to be Oman’s first IPO this year
• Oman India Fertiliser Co aims for $2.5bn valuation
• Oman India Fertiliser Company plans float on Muscat bourse