Shares of Oman India Fertiliser Company (OMIFCO) began trading on the Muscat Stock Exchange (MSX) after the successful listing of 25 percent of the company’s share capital through an initial public offering (IPO) that raised $678 million (OMR 261 million).
The listing ceremony was held under the patronage of H.E. Abdul Salam bin Mohammed Al Murshidi, Chairman of the Oman Investment Authority.
Trading commenced following the offering of 1,672,243,750 ordinary shares. OMIFCO debuted with a market capitalization of approximately $2.70 billion (OMR 1.04 billion), underscoring strong investor confidence in the company’s long-term growth prospects.
The IPO highlighted OMIFCO’s strong investment fundamentals, its role in supporting global food security, and its contribution to strengthening the Muscat Stock Exchange as a destination for local and international investors.
Ashraf bin Hamad Al Maamari, CEO of OQ Group, said the OMIFCO listing marks another milestone in OQ’s investment strategy and follows five successful public offerings in three years. He said the approach aims to maximize the value of national assets, broaden ownership, and unlock capital for future investments supporting Oman’s economy.
Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange, said the listing strengthens the Omani capital market by expanding investor participation in strategic national companies. He added that OMIFCO’s position as a leading fertilizer producer supports the industrial sector, global food supply chains, economic diversification, and Oman’s attractiveness as an investment destination.
OMIFCO targets sustainable growth
Sundar Singh Yadav, Chairman of OMIFCO, said that the successful listing reflects strong investor confidence and that the company will continue focusing on operational excellence, sustainable growth, and delivering long-term shareholder value.
Image Credits: ONA | Cropped by GBN
Dr. Ahmed bin Saeed Al Marhoubi, CEO of OMIFCO, said the listing marks a new chapter for the company after recording the highest demand for an IPO in Oman. He attributed the strong investor response to OMIFCO’s integrated ammonia and urea production platform, long-term contracts, export infrastructure, and consistent operational performance.
He added that OQ continues transforming mature productive assets into publicly listed growth platforms, helping deepen Oman’s capital market, expand investment opportunities, and support the goals of Oman Vision 2040.
IPO attracts strong investor demand
Mustafa Ahmed Salman, Chairman and CEO of United Securities Company, said that the listing is the first industrial IPO of its size in Oman and is expected to increase the Muscat Stock Exchange’s total market capitalization by around 5 percent. He noted that the listing will strengthen the industrial sector’s weighting in the market alongside banking and energy stocks, helping rebalance the exchange’s benchmark index.
Image Credits: ONA | Cropped by GBN
Salman commented that the IPO attracted more than 70,000 subscription applications, reflecting strong investor confidence. He noted that OMIFCO is debt-free and distributes about 90 percent of its profits to shareholders. He added that higher global urea prices are expected to support the company’s financial performance, with current prices remaining above historical averages.
The final IPO price was set at $0.41 (156 baisa) per share, the top of the announced price range. The offering raised $678 million (OMR 261 million), with all proceeds going to the selling shareholders.
The IPO attracted subscription requests worth approximately $12.20 billion (OMR 4.7 billion) from local, regional, and international investors, making the offering 18 times oversubscribed at the final offer price.
Dividend outlook for 2026
OMIFCO operates an integrated fertilizer complex in Sur, Oman, with two ammonia plants and two urea plants.
Rep. Image Credits: OMIFCO | Cropped by GBN
The company benefits from long-term gas supply agreements, dedicated export infrastructure, stable marketing arrangements, and Oman’s strategic location, providing reliable access to global markets.
The company plans to distribute base dividends of approximately $185 million (OMR 71.2 million) for fiscal 2026 in two equal installments in September 2026 and April 2027. It also plans a special dividend of $25 million (OMR 9.6 million) in September 2026, bringing total expected dividends for 2026 to approximately $210 million (OMR 80.8 million). Of that amount, approximately $117.4 million (OMR 45.2 million) is expected to be distributed by September 2026.
