Oman India Fertiliser Co. (OMIFCO) experienced a significant surge in its stock price on its debut on the Muscat Stock Exchange on July 8, 2026. The fertilizer firm's shares initially climbed by 18% in early trading, ultimately closing with a 23% increase to 192 baiza, significantly above its IPO price of 156 baiza per share. This successful listing valued OMIFCO at $2.7 billion and allowed it to raise 261 million Omani rials ($678 million) through its initial public offering.
The IPO was remarkably oversubscribed, drawing aggregate demand of $12.2 billion, which is 18 times the amount sought. Demand from institutional investors under Category I was particularly strong, reaching $11.1 billion and resulting in a 24.4x oversubscription for this segment. Retail investors in Category II contributed $1.06 billion, with their portion being 3.9 times oversubscribed. This robust demand from both local, regional, and international investors underscores confidence in OMIFCO's market position.
OMIFCO is a joint venture established in 1998 between the governments of Oman and India, with current shareholders including OQ SAOC, Indian Farmers Fertiliser Cooperative Limited (IFFCO), and Krishak Bharati Cooperative Limited (KRIBHCO). The offering, which constituted 25% of the company's share capital (1.672 billion shares), marks the largest share sale in the Middle East since a regional conflict began. Bank Muscat SAOG and Societe Generale served as joint global coordinators for the IPO.
