Middle East
10 June 2026
OMIFCO prepares 25% IPO on Muscat Stock Exchange
Written by Natalie Noor-Drugan
Oman India Fertilizer Company (OMIFCO) has formally announced plans to proceed with an initial public offering of 25% of its existing ordinary shares and list on the Muscat Stock Exchange (MSX). The move opens one of the Gulf’s largest integrated ammonia–urea producers to public investors. It will allow investors to participate in what OMIFCO describes as the largest fertilizer complex in Oman and among the top five in the GCC, while supporting the Sultanate’s wider economic diversification agenda.
25% stake sale from existing shareholders
Existing shareholders OQ, Indian Farmers Fertilizer Cooperative (IFFCO) and Krishak Bharati Cooperative (KRIBHCO) will together offer 25% of OMIFCO’s ordinary shares via the IPO, with no new shares being issued. The subscription period is expected to open in June, subject to approval from Oman’s Financial Services Authority, and the company’s shares are projected to list on the MSX in July.
World-scale ammonia and urea platform
Based at Sur Industrial City, OMIFCO operates two ammonia trains and two urea trains with nameplate capacities of around 1.15 million tonnes per year of ammonia and 1.65 million tonnes per year of urea, making it a key regional supplier into global fertilizer markets with India as a major export destination. The complex benefits from long-term gas supply agreements, dedicated storage and a deep water jetty, providing efficient access to international buyers.
Strong financials and defined dividend policy
OMIFCO reported 2025 revenue of $802.3 million, an EBITDA margin of 50.6% and a net profit margin of 40.0%, while Q1 2026 revenue reached $207.4 million with margins broadly in line. The company is guiding to dividend payments of about RO71.2 million ($185 million) for the 2026 financial year, to be paid in two equal instalments, and expects for 2027–28 to distribute the higher of 90% of net profit or a dividend growing at a minimum compounded rate of 3% from the 2026 base.
Mandated banks and Sharia-compliant structure
Bank Muscat and Société Générale have been appointed joint global coordinators for the offering, with Bank Muscat also acting as issue manager and Arqaam Capital and United Securities engaged as joint bookrunners. OMIFCO says the IPO will be Sharia compliant and supported by an independent Sharia certification, targeting both local and regional investors looking for exposure to export oriented nitrogen fertilizer assets.
