Oman’s first IPO this year attracts $12bn in orders

Oman India Fertiliser Company’s (Omifco) initial public offering (IPO) attracted OMR4.7 billion ($12.2 billion) in investor orders, making it 18 times oversubscribed.

It saw the “highest-ever demand generated by any IPO in Oman” from local, regional and international investors, the company said in a statement.

The listing, the first in Oman this year, comprised 1.7 billion shares or 25 percent of the company’s share capital. It was oversubscribed four times by individual investors and 27 times by institutional investors, raising OMR261 million.

The final offer price was set at the top end of the announced price range at OMR0.156 per share.

The company will not receive any of the IPO proceeds, all of which will be paid to the selling shareholders, the statement said.

Omifco’s shares are expected to commence trading on the Muscat Stock Exchange on July 8.

Upon listing, the company is expected to have a market capitalisation of OMR1 billion.

The IPO was approved by the Financial Services Authority, the market regulator, on June 11. The subscription period ran from June 16 to 25.

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State-run 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.

Omifco, incorporated in 1998, operates two ammonia and two urea trains in Oman, with annual capacities of 1.15 million tonnes and 1.65 million tonnes, respectively.

It 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.