OMIFCO shares list on MSX post landmark IPO

MUSCAT, JULY 8
Shares of Oman India Fertiliser Company SAOG (OMIFCO), a leading integrated producer of anhydrous ammonia and granular urea in the Sultanate of Oman, were listed on the Muscat Stock Exchange (MSX) on Wednesday, July 8. The listing follows the company’s landmark initial public offering (IPO) last month, in which 25 per cent of its total issued share capital was offered and heavily oversubscribed by both institutional and retail investors.
With a market capitalisation of approximately RO 1.04 billion ($2.7 billion), the IPO marks a critical step for OMIFCO and emphasises the confidence investors have in the Company’s next phase and long-term value creation.
The bell ringing ceremony at the MSX commenced the listing and trading of OMIFCO’s shares under the ticker symbol OMIF. The ceremony was held under the auspices of Oman Investment Authority (OIA) President Abdulsalam bin Mohammed al Murshidi.
In remarks, Ashraf bin Hamad al Maamari, CEO of OQ Group, said the listing of OMIFCO on the Muscat Stock Exchange represents an important national milestone in OQ’s investment journey and the culmination of a path that began with Abraj and extended to five public offerings in just three years.
Haitham bin Salim al Salmi, CEO of the Muscat Stock Exchange, said the listing represents a qualitative addition to the capital market and reflects the continued efforts to expand the investor base in strategic national companies, indicating that OMIFCO, as one of the leading companies in fertiliser production, plays a pivotal role in supporting the industrial sector and global food supply chains.
Sunder Singh Yadav, Chairman of the Board of OMIFCO, noted: “Today marks a significant milestone in OMIFCO’s journey. We are grateful for the strong support shown by investors and are excited to welcome new shareholders to OMIFCO’s next chapter. As a listed company, OMIFCO is well positioned to build on its strong foundations, focused on operational excellence, sustainable growth and long-term value creation”.
Dr Ahmed al Marhoubi, Chief Executive Officer of OMIFCO, stated: “Today is a proud moment for everyone at OMIFCO for being part of Oman's most in demand IPO. We are grateful for the exceptional support shown by investors throughout our IPO, which reflects investor confidence in OMIFCO’s resilient business model, underpinned by our fully integrated, self-sustaining ammonia and urea production facility, long-term contractual arrangements, export-oriented infrastructure and sustained operational excellence”.
Speaking to the Observer, Abdullah bin Humaid al Hashami, Chief Financial Officer at OMIFCO, added: “OMIFCO has long-term contracts for our sales, extending over three years, with our partners at OQ Trading as well as OQ Local Marketing. As for raw material purchases, we likewise have long-term gas supply contracts with IGC (the Integrated Gas Company), which extend over ten years”, he said. “This therefore gives the company a degree of comfort in terms of the stability of both its financial performance and its operational performance”.