Oman India Fertiliser Company (OMIFCO), a joint venture between Oman and India that focuses on the production of ammonia and urea, announced plans on Tuesday to offer a 25% stake to investors through an initial public offering (IPO) in Muscat.
This IPO aims to be the first public listing in Oman for the year, as well as one of the initial offerings in the region following the escalation of the US-Israeli conflict with Iran.
Details of the IPO are as follows:
- Oman’s state energy company, OQ, holds a 50% stake in OMIFCO, while Indian Farmers Fertiliser Cooperative (IFFCO) and Krishak Bharati Cooperative each possess a 25% stake.
- All shares available in the offering will be existing ordinary shares, with proceeds directed to the selling shareholders, OMIFCO confirmed in a statement.
- The subscription period is anticipated to begin this month, with a listing in Muscat projected for July.
- The Middle East serves as a leading hub for fertilizer production, and global prices have surged due to the near-total closure of the Strait of Hormuz amidst the ongoing conflict.
- OMIFCO operates two ammonia plants and two urea plants in Oman, with a nameplate production capacity of approximately 1.15 million tons per annum (mtpa) for ammonia and 1.65 mtpa for urea.
- The company is exploring potential expansion plans that could double production capacity for both fertilizers in the medium term; however, no final investment decision has yet been made.
- For the previous year, OMIFCO reported revenues of $802.3 million, with revenues reaching $207.4 million in the first quarter of 2026. The company anticipates distributing around $185 million in total dividends for the 2026 financial year.
- Bank Muscat and Societe Generale are serving as joint global coordinators for the offering.
Published on June 2, 2026.
