Wednesday 08 / July / 2026
Muscat: Muscat Stock Exchange (MSX) celebrated on Wednesday the listing of Oman India Fertiliser Company (Omifco) on the MSX and the commencement of trading on its shares, following the successful public offering of 25 percent of its capital.
The listing ceremony of Omifco was held under the auspices of Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA).
Omifco shares began on Muscat Stock Exchange following the offering of 1,672,243,750 ordinary shares to investors. The company's market capitalisation at the time of listing reached approximately OMR1.04 billion (equivalent to about $2.7 billion), in a step reflecting the great confidence investors place in the company, its future prospects, and its ability to achieve long-term sustainable value.
The success achieved by the Initial Public Offering (IPO) highlights the company's solid investment foundations and its role in supporting the global food security system, as well as its contribution to attracting investments and consolidating the position of the Muscat Stock Exchange as a promising market for local and international investors.
Ashraf Hamad Al Mamari, CEO of OQ Group, said that listing Omifco on the Muscat Stock Exchange represents a major national milestone in OQ's investment journey, and a culmination of a path that began with "Abraj" and extended to five public offerings within just three years. He noted that this journey was based on a disciplined investment approach that balances maximising the value of national assets, expanding the ownership base, and freeing capital to redirect it toward future growth opportunities serving the Omani economy.
For his part, Haitham Salim Al Salmi, CEO of Muscat Stock Exchange, explained that listing Omifco constitutes a qualitative addition to the capital market and reflects continuous efforts to expand the investor base in strategic national companies. He pointed out that Omifco, as one of the leading companies in fertiliser production, undertakes a pivotal role in supporting the industrial sector and global food supply chains.
He said that this listing enhances the Sultanate of Oman's position as an attractive investment destination, supports economic diversification efforts, and confirms the growing role of Muscat Stock Exchange in attracting distinguished investment opportunities.
Sunder Singh Yadav, Chairman of the Board of Directors of Omifco, said that listing the company's shares on Muscat Stock Exchange reflects the confidence the company received from investors during the offering, emphasising that as a listed company, it will continue to build on its successes, focusing on operational excellence, sustainable growth, and achieving sustainable value and rewarding returns for its shareholders.
Dr. Ahmed Said Al Marhoubi, CEO of Omifco, said that listing the company's shares represents the beginning of a new phase in the company's journey, recording the highest levels of turnout for an initial public offering in the Sultanate of Oman. He valued the great confidence granted by investors throughout the stages of the offering, noting that this unprecedented demand reflects investors' firm conviction in its business model, which is based on an integrated production platform for ammonia and urea, long-term contractual arrangements, an infrastructure prepared for export, and an operational performance that has proven its efficiency over the years.
He added that, through this path, OQ continues to transform producing assets with a solid track record into public platforms for growth and investment, thereby enhancing the development of the capital market and expanding its investment base, consolidating the role of the Muscat Stock Exchange as an effective channel for financing development, and supporting economic diversification targets within Oman Vision 2040.
Mustafa Ahmed Salman, Chairman and CEO of United Securities, stressed that listing Omifco on the Muscat Stock Exchange represents a highly important step, being the first offering of an industrial company of this scale. He noted that the listing will enhance the market value of Muscat Stock Exchange by approximately 5 percent of total listed capital.
He explained that this offering will contribute to rebalancing the general index of the stock exchange by strengthening the weight of the industrial sector alongside the banking and oil sectors, pointing out that the industrial sector has begun to take its place better within the market components.
He pointed out that the huge turnout for the subscription, which exceeded 70,000 applications, along with the volumes witnessed by the subscription, reflects great confidence in the company and the strength of its financial position, noting that one of the company's most prominent advantages is the absence of any debts, and that it distributes about 90 percent of its realised profits to shareholders.
He stated that during the past period, the company benefited from the significant rise in urea product prices in global markets, expecting this to reflect positively on its financial results during the coming period, especially in light of prices continuing at levels considered higher than their averages over past years, emphasising that the continuation of these price levels represents an important addition to the plant.
He indicated that listing the company will add more than OMR1 billion to the market value of the Muscat Stock Exchange, representing about 5 percent of the total market value of listed shares.
The final offering price was set at 156 baisas per share, which is the upper limit of the announced price range, for all categories of the offering. The offering also raised total gross proceeds of about OMR261 million (equivalent to around $678 million). The company will not receive any of the offering proceeds, as they will be paid entirely to the selling shareholders.
The offering attracted subscription applications with a total value of approximately OMR4.7 billion (equivalent to more than $12.2 billion) from local, regional, and international investors within the first and second categories, with demand oversubscribing the size of offered shares by 18.0 times at the final offering price.
Omifco is an integrated fertiliser production company that operates a world-class industrial complex in the Wilayat of Sur in the Sultanate of Oman. Its facilities, which include two ammonia plants and two urea plants, enable the conversion of ammonia into the higher-value urea, supporting operational efficiency and enhancing business flexibility. Furthermore, the strategic location of the Sultanate of Oman, along with long-term gas supply arrangements, stable marketing relationships, and dedicated export infrastructure, provides Omifco with reliable access to global markets.
The company intends to distribute base dividends for the financial year 2026 worth approximately OMR71.2 million ($185 million) in two equal installments due in September 2026 and April 2027. In addition, the company intends to distribute special dividends worth OMR9.6 million ($25.0 million) coinciding with the first expected dividend distribution in September 2026, bringing the total expected dividend distribution for the financial year ending on 31 December 2026, to approximately OMR80.8 million ($210.0 million), of which OMR45.2 million ($117.4 million) will be distributed by September 2026.
