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The Oman India Fertiliser Company (OMIFCO) will offer 25% of its share capital in an IPO, with shares set to list on the Muscat Stock Exchange (MSX) in July.
OMIFCO is 50% owned by Oman Oil Company (OQ) and 25% each by Indian Farmers Fertiliser Cooperative Limited, and Krishak Bharati Cooperative Limited.
Shares to be sold in the offering are existing ordinary shares held by the selling shareholders, with the subscription period to commence this month, subject to regulatory approvals.
Bank Muscat SAOG and Societe Generale have been appointed as joint global coordinators, with Bank Muscat appointed as issue manager. In addition, Arqaam Capital Limited and United Securities have been appointed as joint bookrunners.
OMIFCO said it retains the right to amend the size and structure of the offering.
Established in 1998 through a JV between the governments of Oman and India, OMIFCO operates a fertiliser complex in Oman, producing anhydrous ammonia and granular urea with an annual nameplate capacity of approximately 1.15 mtpa and 1.65 mtpa, respectively.
The IPO marks the first for the Gulf country since the US-Iran war, while also making it one of a handful of public offerings announced in the region in recent months.
(Writing by Bindu Rai, editing by Seban Scaria)
