Oman India Fertiliser targets $2.5 billion valuation in Oman’s first IPO of 2026

Oman India Fertiliser Company (OMIFCO), a joint venture between Oman and India, is preparing to launch what is expected to be Oman’s first initial public offering (IPO) of 2026, targeting a valuation of at least USD 2.5 billion.

The company plans to offer a 25% stake on the Muscat Stock Exchange through a Sharia-compliant IPO that is expected to launch in June, subject to regulatory approvals, with trading anticipated to begin in July. The proceeds from the offering will go to the existing shareholders rather than the company itself, while the selling shareholders retain the right to adjust the size and structure of the transaction.

OMIFCO is jointly owned by Oman’s state-backed energy group OQ, which holds a 50% stake, and India’s Indian Farmers Fertiliser Cooperative and Krishak Bharati Cooperative, which each own 25%. The company operates two ammonia plants and two urea plants in Oman, with annual nameplate capacities of 1.15 million metric tons of ammonia and 1.65 million metric tons of urea. Its production facilities in Sur Industrial City manufacture approximately 3,500 metric tons of ammonia and more than 5,000 metric tons of granular urea per day.

The fertilizer producer generated revenue of USD 802 million in 2025 and USD 207 million during the first quarter of 2026. The company expects to distribute total dividends of USD 185 million this year. Chairman Sunder Singh Yadav said the planned listing reflects OMIFCO’s strong operational performance and strategic role in supporting global food supply chains.

The offering is expected to become one of the largest IPOs on the Muscat Stock Exchange since Oman accelerated its privatization program. Listed companies in Oman have raised approximately USD 4 billion through public offerings since 2023, primarily from state-controlled enterprises. Exchange chief executive Haitham Al Salmi has previously said the market expects three IPOs in 2026 as the government continues efforts to deepen capital markets and encourage broader private-sector participation through incentives such as tax waivers and preferential treatment in government tenders.

Bank Muscat and Societe Generale are serving as joint global coordinators for the transaction, while Bank Muscat is acting as issue manager.

Source: AGBI