OMIFCO has set the terms for a Muscat Stock Exchange float that could raise OMR 260.9 million through the sale of 25% of its share capital. The OMIFCO IPO is priced between 146 baisa and 156 baisa per share, putting the company’s value at up to OMR 1.04 billion.
A landmark return for Oman’s market
The Oman India Fertiliser Company will offer 1.672 billion shares in the deal. The sale is split into a 60% institutional tranche and a 40% retail tranche for Omani investors. Subscriptions open on 16 June 2026 and close on 25 June 2026. Trading is expected to start on 8 July 2026.
The listing is notable because it would be Oman’s first IPO since the US-Iran war. It also arrives at a time when primary equity issuance across the Gulf has slowed. That makes the transaction a useful signal for regional capital markets.
OMIFCO was established in 1998 through a joint venture involving the governments of Oman and India. Its current shareholders include OQ SAOC, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Krishak Bharati Cooperative Limited (KRIBHCO). The company produces anhydrous ammonia and granular urea in Oman.
Dividend guidance gives the deal income appeal
OMIFCO is guiding for a base dividend of about OMR 71.2 million for FY2026. The company plans to pay that in two equal instalments, in September 2026 and April 2027. It also intends to pay a special dividend of OMR 9.6 million alongside the first distribution.
That structure may appeal to investors looking for visible cash returns from a core industrial asset. The OMIFCO IPO is therefore not only a listing event, but also a test of appetite for yield-backed offerings in Oman’s equity market.
The offering is being arranged as a Sharia-compliant transaction. Bank Muscat SAOG and Societe Generale are the joint global coordinators. Bank Muscat is also issue manager, while Arqaam Capital and United Securities are joint bookrunners. The selling shareholders have kept the right to amend the offering size before the end of the subscription period.
For investors, the key watchpoint is demand across both tranches. Strong institutional cover and healthy retail participation would reinforce confidence in Oman’s listing pipeline. It would also show that the OMIFCO IPO can help reopen a clearer path for future offerings in Muscat.
