09/07/2026 06:21 AST
Shares of Oman India Fertiliser Company (OMIFCO) surged 18.6% on their trading debut on the Muscat Stock Exchange (MSX) on Wednesday after the successful initial public offering (IPO) of a 25% stake that raised about RO261mn, marking one of the largest listings in Oman's capital market history.
The stock opened at 185bz, up from its final offer price of 156bz per share, following the listing ceremony held under the patronage of H E Abdulsalam Al Murshidi, Chairman of Oman Investment Authority.
The listing follows the offering of 1.67bn ordinary shares, valuing OMIFCO at approximately RO1.04bn at the time of listing. The transaction further expands the MSX's portfolio of listed strategic companies and is another milestone in Oman's capital market development.
The IPO attracted subscription requests worth around RO4.7bn (US$12.2bn) from local, regional and international investors, making it 18 times oversubscribed at the final offer price.
Ashraf bin Hamad Al Maamari, CEO, OQ Group, described the listing as another milestone in OQ's capital markets programme. "The listing of OMIFCO represents an important national milestone in OQ's investment journey and builds on a disciplined approach that seeks to maximise the value of national assets, broaden public ownership and recycle capital into future growth opportunities that support the Omani economy," Al Maamari said.
Haitham bin Salem Al Salmi, CEO, Muscat Stock Exchange, said OMIFCO's listing strengthens the exchange by adding one of Oman's leading industrial companies. "The listing is a qualitative addition to the capital market. It supports economic diversification, expands the investor base in strategic companies and reinforces Oman's position as an attractive investment destination," Al Salmi said.
Sundar Singh Yadav, chairman, OMIFCO, said the strong investor response reflected confidence in the company's business model and long-term growth prospects.
CEO Dr Ahmed bin Saeed Al Marhoubi said the IPO recorded the highest demand ever for a public offering in Oman, demonstrating investor confidence in the company's integrated ammonia and urea production platform, long-term contractual arrangements and export infrastructure.
According to Mustafa Ahmed Salman, Chairman and CEO, United Securities, the listing will increase the Muscat Stock Exchange's market capitalisation by more than RO1bn, equivalent to about 5% of the total value of listed companies.
He said the listing would also strengthen the industrial sector's weighting within the exchange, improving the balance of the benchmark index, which has traditionally been dominated by banking and energy stocks.
Salman added that OMIFCO's debt-free balance sheet, policy of distributing around 90% of realised profits and favourable global urea prices are expected to support the company's financial performance.
OMIFCO intends to distribute total dividends of approximately RO80.8mn for the 2026 financial year, including ordinary dividends of RO71.2mn and a special dividend of RO9.6mn. The first distribution is expected in September 2026.
Muscat Daily
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