Sur – Oman India Fertiliser Company (OMIFCO), an integrated producer of ammonia and urea and a joint venture between Oman and India, on Tuesday announced its intention to proceed with an initial public offering (IPO) this month and list its shares on the Muscat Stock Exchange (MSX) in July.

The company’s existing shareholders – OQ, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Krishak Bharati Cooperative Limited (KRIBHCO) – will offer 25% of OMIFCO’s existing ordinary shares through the IPO. The offering is expected to provide investors with an opportunity to invest in a world-scale producer of ammonia and urea that plays a key role in supporting global food security.

OMIFCO operates the largest fertiliser complex in Oman and is among the top five fertiliser producers in the GCC. The company operates two ammonia trains and two urea trains in Sur, with an annual nameplate production capacity of approximately 1.15mn tonnes of ammonia and 1.65mn tonnes of urea.

The IPO subscription period is expected to commence in June, subject to obtaining the necessary approvals from the Financial Services Authority (FSA). The company’s shares are expected to be listed on the MSX in July.

Details of the offering, including the Category I and Category II allocations and the thresholds for large and small retail investors, will be included in the IPO prospectus, which will be published following receipt of FSA approval. The offering is Sharia-compliant and is supported by an independent Sharia certification.

Bank Muscat and Société Générale have been appointed as joint global coordinators, while Bank Muscat will also act as issue manager for the IPO. Arqaam Capital and United Securities have been appointed as joint bookrunners.

OMIFCO benefits from long-term gas supply agreements, established offtake relationships and export-oriented infrastructure, including a dedicated deep-water jetty in Sur, providing efficient and uninterrupted access to international markets.

According to the company, a fully integrated production model, high utilisation rates, a debt-free balance sheet, disciplined cost management, and long-term gas supply and offtake arrangements enabled OMIFCO to deliver strong operational and financial performance in 2025.

For the year ended December 31, 2025, OMIFCO generated revenue of $802.3mn, achieved an EBITDA margin of 50.6%, and recorded a net profit margin of 40.0%. For the three months ended March 31, 2026, the company reported revenue of $207.4mn, an EBITDA margin of 50.5%, and a profit margin of 40.4%.

Sunder Singh Yadav, Chairman of the Board of OMIFCO, said, “Today’s announcement marks an important milestone in OMIFCO’s journey. The proposed listing reflects the company’s strong foundations, resilient performance and its important role in supporting global food security. We believe this presents an attractive opportunity for investors to participate in a stable and increasingly important sector, and we look forward to engaging with investors locally, regionally and internationally as we enter this next phase of our growth.”

Dr Ahmed Al Marhoubi, Chief Executive Officer of OMIFCO, said, “Today marks a proud and defining moment in OMIFCO’s history. Over the years, we have consistently delivered strong financial and operational performance. We are a leading producer of ammonia and urea, supporting global food security. Our strategic geographical location enables us to serve growing markets efficiently and reliably, while maintaining a strong focus on operational excellence and sustainability.

“Today’s announcement is the result of years of growth, operational strength and confidence in the opportunities ahead. We look forward to welcoming new shareholders as we embark on the next chapter of our journey and remain committed to delivering long-term sustainable value.”

Dividend policy

OMIFCO expects to distribute total dividends of approximately RO71.2mn ($185mn) for the 2026 financial year (the dividend base), payable in two equal instalments in September 2026 and April 2027.

For the 2027 and 2028 financial years, dividends are expected to be the higher of 90% of net profit or an annual dividend amount reflecting a minimum compounded growth rate of 3% from the 2026 dividend base.

From the 2029 financial year onwards, the company intends, subject to approval by its Board of Directors, to distribute available cash that is not specifically reserved for general corporate purposes, growth investments or acquisition opportunities.

OMIFCO stated that its dividend policy reflects the company’s expectation of strong cash generation and long-term earnings potential, while ensuring sufficient capital is retained to meet operational requirements and support future growth investments.

OMIFCO leverages Oman’s abundant natural gas resources as its primary feedstock and serves global fertiliser markets, with India representing a key export destination. Located within Sur Industrial City, the company benefits from reliable and cost-effective feedstock supplies, as well as integrated infrastructure that includes storage facilities, captive power generation, deep-water port access and waste treatment facilities.