Oman India Fertiliser Company (OMIFCO) announced on Tuesday that it will offer a 25% stake to investors through an initial public offering in Muscat.
The offering reflects the sale of existing ordinary shares held by the three current shareholders. Oman’s state energy company OQ holds 50% of OMIFCO, while the Indian Farmers Fertiliser Cooperative and Krishak Bharati Cooperative each own 25%. Proceeds from the IPO will go directly to those selling shareholders rather than to the company.
The subscription period is due to start this month, with the firm targeting a listing on the Muscat exchange in July. If the timetable holds, the IPO could be the first public listing in Oman for 2026 and among the earliest in the Gulf region since the start of the U.S.-Israeli war on Iran.
OMIFCO operates two ammonia plants and two urea plants in Oman. The company's stated production capacity is approximately 1.15 million tonnes per year of ammonia and about 1.65 million tonnes per year of urea.
Financially, OMIFCO reported revenue of $802.3 million for the 2025 financial year and $207.4 million in the first quarter of 2026. For the 2026 financial year, the company expects to distribute total dividends of around $185 million.
The company also noted that it may consider an expansion that could double capacity for both ammonia and urea in the medium term, although it has not made any final investment decision on that plan.
Bank Muscat and Societe Generale have been appointed as joint global coordinators for the offering.
Summary
OMIFCO plans a 25% IPO in Muscat via existing shareholder share sales, aims for a July listing, reports recent revenue and dividend expectations, and is exploring a potential capacity-doubling expansion without a final investment decision. Bank Muscat and Societe Generale will coordinate the offering.
- Key points:
- The IPO consists of existing ordinary shares sold by the three current shareholders, with proceeds to the sellers.
- The company reported $802.3 million in revenue for 2025 and $207.4 million for Q1 2026, and expects around $185 million in dividends for 2026.
- OMIFCO runs two ammonia and two urea plants with capacities of roughly 1.15 million tonnes and 1.65 million tonnes per year, respectively, and may consider doubling that capacity in the medium term.
- Risks and uncertainties:
- The timing of the planned listing depends on the subscription period starting this month and a July listing date, both of which are subject to execution.
- Any future capacity expansion is not guaranteed because no final investment decision has been made.
- Regional geopolitical developments are referenced in the context of market listings, which may affect broader market sentiment in the Gulf region.