Muscat – Shares of Oman India Fertiliser Company (OMIFCO) rose 18.6% on their trading debut on the Muscat Stock Exchange (MSX) on Wednesday, following the successful initial public offering (IPO) of a 25% stake that raised about RO261mn.

The stock opened trading at 185bz, up from its final offer price of 156bz per share, after the listing ceremony was held under the patronage of H E Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority.

The listing follows the offering of 1.67bn ordinary shares, valuing OMIFCO at approximately RO1.04bn at the time of listing. The transaction is one of Oman’s largest public offerings and further expands the MSX’s portfolio of listed strategic companies.

The IPO attracted subscription requests worth around RO4.7bn (US$12.2bn) from local, regional and international investors, making it 18 times oversubscribed at the final offer price.

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