Omifco to be Oman’s first IPO this year

Oman India Fertiliser Company (Omifco) will be the first company to list on the Muscat Stock Exchange this year.

The company, a joint venture between Oman and India, will offer a 25 percent stake through an initial public offering.

State-backed energy company OQ owns 50 percent of the venture, with the other half split equally between Indian Farmers Fertiliser Cooperative Limited and Krishak Bharati Cooperative Limited.

The Sharia-compliant offering will be launched this month, subject to regulatory approvals, with listing expected in July.

Omifco will not receive any proceeds from the IPO: all will be paid to the selling shareholders, who have the right to amend the size and structure of the offering.

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The company, incorporated in 1998, operates two ammonia and two urea trains in Oman with annual nameplate capacities of 1.15 million tonnes per annum (mtpa) and 1.65 mtpa, respectively.

Omifco generated revenue of $802 million in 2025 and $207 million in the first quarter of 2026. It expects to distribute total dividends of $185 million for 2026.

“The proposed listing reflects Omifco’s strong foundations, resilient performance and its key role in supporting global food supply. We believe this creates an opportunity for investors to participate in a stable and increasingly important sector,” said chairman Sunder Singh Yadav.

Bank Muscat and Societe Generale are joint global coordinators, while Bank Muscat is the issue manager.

In September 2025 MSE CEO Haitham Al Salmi told Bloomberg that the exchange was gearing up to list three IPOs in 2026, driven by the state-backed Oman Investment Authority continuing its divestment strategy.