Oman India Fertiliser Co. (OMIFCO) experienced an 18% surge in its share price during early trading on the Muscat Stock Exchange, marking its debut. The fertilizer producer's initial public offering successfully raised 261 million Omani rials (approximately $678 million), with the offering priced at 156 baiza per share.
The IPO, which commenced trading under the ticker "OMIF," was significantly oversubscribed, drawing an aggregate demand of 4.7 billion Omani rials (about $12.2 billion) across institutional and retail categories. The Category I offering for institutional investors, representing 60% of the total offer size, was oversubscribed 24.4 times, generating 4.3 billion Omani rials in demand. Oman-based institutional investors showed particularly strong interest, oversubscribing 37.3 times.
OMIFCO's strong market performance reflects keen investor interest following its status as the Middle East's largest listing since a recent regional conflict. The company, a joint venture between the governments of Oman and India, operates as an integrated producer of anhydrous ammonia and granular urea. Its existing shareholders include OQ SAOC, Indian Farmers Fertiliser Cooperative Limited (IFFCO), and Krishak Bharati Cooperative Limited (KRIBHCO). This IPO is a notable event for the Gulf country, being the first since the US-Iran war and one of only a few public offerings in the region recently. Upon listing, OMIFCO's market capitalization is approximately $2.7 billion.
