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The Oman India Fertiliser Company (OMIFCO) has priced its IPO at top of the range at 156 baiza ($0.40) per share as the manufacturing firm raises $678 million through a rare listing in the sultanate.
The IPO range was set between Bzs 146 and Bzs 156 per share, with a company valuation of up to OMR 1.04 billion.
The offering was 18x oversubscribed, drawing an aggregate demand of 4.7 billion Omani rials ($12.2 billion).
The Category I offering for institutional investors, which represents 60% of the total offer size, generated OMR 4.3 billion with a 24.4x oversubscription
The company said the IPO drew top demand from Oman-based institutional investors, exceeding 37.3x and will receive 2.6806% of their order demand, while international institutional investor demand exceeded 17.4x with an allocation on a discretionary basis.
The Category II retail allocation drew OMR 408 million from over 72,250 subscribers and was 3.9x oversubscribed.
The company, which is an integrated producer of anhydrous ammonia and granular urea in the sultanate, is floating 1.672 billion shares or 25% of its share capital, with its debut set for July 8 on the Muscat Stock Exchange.
OMIFCO was established in 1998 through a JV between the governments of Oman and India, with existing shareholders including the state-backed OQ SAOC (OQ), Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Krishak Bharati Cooperative Limited (KRIBHCO),
Bank Muscat SAOG and Societe Generale are the joint global coordinators on the IPO, with Bank Muscat also the issue manager on the shariah complaint offering. Arqaam Capital and United Securities are the 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 Brinda Darasha)
