MUSCAT : Oman India Fertiliser Company (OMIFCO), one of the Gulf region’s largest fertiliser producers, said on Monday it intends to proceed with an initial public offering (IPO) and list its shares on the Muscat Stock Exchange, marking a major milestone in Oman’s capital market development.

The company’s existing shareholders plan to sell 25% of OMIFCO’s issued share capital through the offering, subject to regulatory approvals and market conditions. The IPO is expected to open for subscription in June, with trading on the Muscat Stock Exchange anticipated to begin in July.

OMIFCO, which operates the largest fertiliser complex in Oman and ranks among the top five in the GCC, is jointly owned by Oman’s OQ and Indian fertiliser cooperatives IFFCO and KRIBHCO. The company produces anhydrous ammonia and granular urea from its integrated manufacturing complex in Sur Industrial City.

The company said the listing would support its long-term strategic objectives, including enhancing governance, transparency and alignment with public-market standards.

Founded as a joint Oman-India venture, OMIFCO operates two ammonia plants and two urea plants with an annual production capacity of around 1.15 million metric tonnes of ammonia and 1.65 million metric tonnes of urea. The company benefits from long-term gas supply agreements, established offtake arrangements and export infrastructure that includes a dedicated deep-water jetty in Sur.

OMIFCO reported strong financial results in 2025, generating revenue of $802.3 million and an EBITDA margin of 50.6%, while net profit margin reached 40%. In the first quarter of 2026, revenue stood at $207.4 million, with an EBITDA margin of 50.5% and a profit margin of 40.4%.

Chairman Sunder Singh Yadav said the proposed listing reflected the company’s strong operational foundation and its role in supporting global food supply chains.

Chief Executive Ahmed Al Marhoobi described the IPO as a defining moment in OMIFCO’s history, citing years of operational growth, financial strength and confidence in future opportunities.

Haitham Al Salmi, Chief Executive of the Muscat Stock Exchange, said OMIFCO’s planned listing would enhance market depth, expand investment opportunities and strengthen the exchange’s role in attracting global investors to leading Omani companies.

Bank Muscat and Société Générale have been appointed joint global coordinators for the offering, with Bank Muscat also serving as issue manager. Arqaam Capital and United Securities have been appointed joint bookrunners.

The company said all shares offered will be existing shares sold by current shareholders, with OMIFCO itself receiving no proceeds from the transaction.

OMIFCO expects to distribute dividends of approximately RO71.2 million ($185 million) for the 2026 financial year, payable in two equal instalments in September 2026 and April 2027. For 2027 and 2028, the company expects dividends to be the higher of 90% of net profit or a minimum annual compounded increase of 3% from the 2026 dividend level.

The offering has received a preliminary Sharia compliance certification from Eltizam Sharia Financial Consultancy, while the prospectus is expected to be published following approval by Oman’s Financial Services Authority.

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