OMIFCO plans MSX debut with 25 per cent IPO

MUSCAT, JUNE 2
Oman India Fertiliser Company (OMIFCO) plans to offer 25 per cent of its shares in an initial public offering (IPO), bringing one of Oman’s largest industrial exporters to the Muscat Stock Exchange (MSX). The subscription period is expected to open in June 2026, subject to approval from the Financial Services Authority, with listing targeted for July.
The offering will consist of existing shares held by Omani state-owned integrated energy group OQ, and Indian public sector fertilizer cooperatives Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Krishak Bharati Cooperative Limited (KRIBHCO).
The planned float comes as Oman continues to deepen its capital market through listings of state-linked and strategic companies. For investors, OMIFCO offers exposure to an export-led fertiliser producer with strong margins, a debt-free balance sheet and a stated dividend policy. The company operates the largest fertiliser complex in Oman and one of the top five in the GCC. Its plant in Sur Industrial City has annual nameplate capacity of about 1.15 million tonnes of ammonia and 1.65 million tonnes of urea.
OMIFCO generated revenue of $802.3 million in 2025, with an EBITDA margin of 50.6 per cent and a net profit margin of 40 per cent. In the first quarter of 2026, revenue stood at $207.4 million, while EBITDA margin was 50.5 per cent and profit margin reached 40.4 per cent. The company said it has maintained a net cash position for several years, with no interest-bearing debt. Its business model is supported by long-term gas supply arrangements, offtake agreements and export infrastructure, including a dedicated deep-water jetty in Sur.
Urea is OMIFCO’s main revenue driver. It accounted for 92.8 per cent of revenue in 2025 and 95.4 per cent in the first quarter of 2026. The company sold 2.1 million tonnes of urea in 2025, with 98.3 per cent exported.
India remains OMIFCO’s largest export market. From 2023 to 2025, India accounted for 71 per cent of exported urea volumes and 61 per cent of ammonia export volumes. OMIFCO produced 1.35 million tonnes of ammonia and 2.07 million tonnes of urea in 2025, exceeding nameplate capacity utilisation rates for both products.
The company has set an expected dividend of about RO 71.2 million, equivalent to $185 million, for FY2026, to be paid in two equal instalments in September 2026 and April 2027. For FY2027 and FY2028, dividends are expected to be the higher of 90 per cent of net profit or a minimum annual compounded increase of 3 per cent from the FY2026 dividend.
OMIFCO is also studying medium-term expansion that could add about 2.05 million tonnes per year of urea capacity and 1.19 million tonnes of ammonia capacity. The company said no final investment decision has been taken and any expansion would depend on feasibility, gas allocation and approvals.
In a statement, Chairman Sunder Singh Yadav said the proposed listing marked an important stage in OMIFCO’s development and reflected the company’s role in supporting global food supply. Chief Executive Officer Dr Ahmed al Marhoubi added that OMIFCO had delivered strong financial and operational performance and remained focused on long-term shareholder value.
Meanwhile, Haitham bin Salim al Salmi, Chief Executive Officer of MSX, said the planned listing would support market depth and broaden investment opportunities. Bank Muscat and Société Générale have been appointed joint global coordinators, with Bank Muscat acting as issue manager. Arqaam Capital and United Securities are joint bookrunners. The offering remains subject to regulatory approvals and market conditions.