OMIFCO's $678 Million IPO Attracts Record Demand from Global Investors

MUSCAT — Oman India Fertiliser Company (OMIFCO) attracted more than US$12 billion in orders for its initial public offering (IPO), raising approximately US$678 million through the sale of a 25% stake and marking the largest share sale in the Middle East since the outbreak of the Iran conflict. The offering set a final price of 156 baisa per share — the top of the marketed range — and valued the company at about US$2.7 billion. Shares are scheduled to begin trading on the Muscat Stock Exchange on 8 July.

"The IPO was around 18 times oversubscribed," said Oman’s Financial Services Authority, reflecting a combination of retail and institutional demand that underscored strong investor appetite for Gulf industrial assets.

The IPO drew roughly US$1.06 billion in retail orders and about US$11.2 billion from institutional investors, for total demand exceeding US$12 billion and an oversubscription of approximately 18 times. OMIFCO, Oman’s largest producer of urea and ammonia fertilisers, sold a quarter of the company in the offering. The proceeds and market valuation position OMIFCO as a major listed industrial player in the Sultanate.

• Amount raised: ~US$678 million
• Stake sold: 25%
• Final offer price: 156 baisa per share
• Company valuation: ~US$2.7 billion
• Retail demand: ~US$1.06 billion
• Institutional demand: ~US$11.2 billion
• Oversubscription: ~18 times
• Recent revenue: US$207.4 million for the three months ended March 2026

The timing and scale of the listing offer a clear signal of investor confidence in industrial and commodity-linked businesses in the Gulf despite heightened geopolitical risks in the region. OMIFCO reported revenue of US$207.4 million for the three months ended March 2026, a short-period result that underpins the company's cash-generating profile ahead of market debut. Market participants noted the decision to price at the top of the range as indicative of strong book-building momentum from both regional and global buyers.

Beyond the headline figures, the IPO advances Oman’s broader privatisation programme and efforts to deepen domestic capital markets as part of a longer-term economic diversification strategy. The public listing will widen the Muscat Stock Exchange’s industrial representation and provide a liquid market reference for fertiliser sector peers and related commodity-linked issuers.

Looking ahead, the immediate focus will be on trading dynamics once shares begin trading on 8 July and on how the listed free float influences OMIFCO’s operational and strategic trajectory. For investors, the combination of a sizeable float, robust subscription levels and a near-term revenue run-rate provides multiple angles to appraise future performance. For Oman’s capital markets, the deal represents a benchmark transaction that could catalyse further listings of state-owned or partially state-held industrial assets in the months to come.