Muscat: Muscat Stock Exchange (MSX) celebrated today 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.
According to Oman News Agency, the listing ceremony of OMIFCO was held under the auspices of Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA). Trading of OMIFCO shares began on the Muscat Stock Exchange following the offering of 1,672,243,750 ordinary shares to investors. The company's market capitalization at the time of listing reached approximately RO 1.04 billion (equivalent to about USD 2.7 billion), reflecting the high confidence investors place in the company, its future prospects, and its ability to achieve long-term sustainable value.
The success of the Initial Public Offering (IPO) underscores the company's solid investment foundations and its role in supporting the global food security system. It also highlights OMIFCO's contribution to attracting investments and strengthening the position of the Muscat Stock Exchange as a promising market for both local and international investors.
Ashraf Hamad Al Mamari, CEO of OQ Group, stated that OMIFCO's listing marks a major national milestone in OQ's investment journey, which began with "Abraj" and extended to five public offerings over three years. This disciplined investment approach balances maximizing the value of national assets, expanding the ownership base, and redirecting capital toward future growth opportunities that serve the Omani economy.
Haitham Salim Al Salmi, CEO of Muscat Stock Exchange, emphasized that the listing of OMIFCO is a significant addition to the capital market, reflecting efforts to expand the investor base in strategic national companies. OMIFCO, a leading company in fertilizer production, plays a pivotal role in supporting the industrial sector and global food supply chains. This listing enhances Oman's position as an attractive investment destination and supports economic diversification efforts.
Sunder Singh Yadav, Chairman of the Board of Directors of OMIFCO, noted that the listing reflects the confidence received from investors during the offering. As a listed company, OMIFCO will focus on operational excellence, sustainable growth, and providing rewarding returns for shareholders.
Dr. Ahmed Said Al Marhoubi, CEO of OMIFCO, remarked that the listing marks a new phase in the company's journey, noting the unprecedented demand from investors. This demand reflects confidence in OMIFCO's business model, based on an integrated production platform for ammonia and urea, long-term contractual arrangements, and export infrastructure.
Mustafa Ahmed Salman, Chairman and CEO of United Securities, highlighted that the listing is a significant step, being the first offering of an industrial company of this scale. It enhances the market value of the Muscat Stock Exchange by approximately 5 percent of the total listed capital. The offering attracted over 70,000 subscription applications, reflecting confidence in the company's financial position, which notably includes the absence of any debts.
The final offering price was set at 156 baisas per share, raising total gross proceeds of about RO 261 million (USD 678 million). The offering was oversubscribed 18.0 times at the final offering price, attracting local, regional, and international investors.
OMIFCO is an integrated fertilizer production company operating a world-class industrial complex in Oman. Its facilities enable the efficient conversion of ammonia into urea, enhancing business flexibility. The strategic location and infrastructure provide OMIFCO with reliable access to global markets.
The company plans to distribute base dividends worth approximately RO 71.2 million (USD 185 million) for the financial year 2026, alongside special dividends, bringing the total expected distribution to approximately RO 80.8 million (USD 210.0 million) by the end of 2026.