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The Oman India Fertiliser Company (OMIFCO) is looking to raise 260.9 million rials ($678 million) from its upcoming IPO on the Muscat Stock Exchange through a float of 1.672 billion shares or 25% of its share capital.
The IPO range has been set between Bzs 146 ($0.37) and Bzs 156 ($0.40) per share, valuing the company up to OMR 1.04 billion ($2.71 billion).
The offering will include a Category I offer for institutional investors representing 60% of the total offer size, and a Category II offer for retail investors in Oman representing the remaining 40%.
The subscription periods open on 16 June 2026, with the Category I & Category II offers closing on 25 June 2026.
The company is eyeing a base dividend of approximately OMR 71.2 million for FY2026, paid in two equal instalments (September 2026 and April 2027). Additionally, along with the first dividend distribution, the company intends to pay a special dividend of OMR 9.6 million.
OMIFCO’s shares are expected to commence trading on the MSX on 8 July 2026.
Established in 1998 through a JV between the governments of Oman and India, OMIFCO’s existing shareholders include OQ SAOC (OQ), Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Krishak Bharati Cooperative Limited (KRIBHCO), with the company an integrated producer of anhydrous ammonia and granular urea in the sultanate.
The selling shareholders have stated they reserve the right to amend the size of the offering at any time prior to the end of the subscription period.
Bank Muscat SAOG and Societe Generale have been appointed as joint global coordinators. and Bank Muscat has been appointed as issue manager on the shariah complaint offering. Arqaam Capital and United Securities are named joint bookrunners.
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)
