Tuesday 02 / June / 2026
Sur: Oman India Fertiliser Company (OMIFCO) announced on Tuesday in a press conference at its headquarters in the Wilayat of Sur, South Al Sharqiyah Governorate, its intention to float 25% of its shares for public subscription on the Muscat Stock Exchange, following the receipt of the necessary regulatory approvals.
Dr. Ahmed Said Al Marhoubi, CEO of OMIFCO, explained that the proposed offering represents a significant milestone in the company’s journey, through which it aims to enhance governance, transparency, and alignment with approved best practices in public markets.
He stated in his speech that the offering provides investors with an opportunity to invest in an integrated fertiliser production company that operates a world-class industrial complex in Sur Industrial City. The complex includes two ammonia production plants and two urea production plants, enabling the conversion of ammonia into higher value-added urea, which supports operational efficiency and enhances the flexibility and sustainability of operations.
He indicated that the company's operations are based on an integrated operational system that includes long-term gas supply agreements, production marketing relationships, and a dedicated export infrastructure, including a strategically located, dedicated deep-water berth in Sur, which facilitates its access to global markets.
He pointed out that the selling shareholders intend to offer up to 25% of the existing ordinary shares in the company's share capital through an initial public offering (IPO), while retaining the right to amend the size and structure of the offering at any time before the end of the subscription period, after consultation with the joint global coordinator, subject to applicable laws, and after obtaining the approval of the Financial Services Authority (FSA).
He confirmed that all the offered shares are existing ordinary shares owned by the selling shareholders. Accordingly, the company will not receive any proceeds resulting from the sale of shares within the offering, as all proceeds will go to the selling shareholders, who will also bear the expenses associated with the offering.
The CEO of OMIFCO mentioned that the shares are scheduled to be offered within the Sultanate of Oman in accordance with applicable Omani laws, including the Executive Regulation for Public Joint Stock Companies, alongside being offered outside the United States of America to certain major investors, based on the regulation issued under the US Securities Act of 1933. The prospectus, which will be published by the company in due course after approval by the Financial Services Authority, is scheduled to include further details regarding eligibility and participation conditions in the offering.
He said that the subscription periods for Category I and Category II investors within the offering are expected to commence during the current month of June, after obtaining the necessary regulatory approvals from the Financial Services Authority. He anticipated the listing of the company's shares for trading on the Muscat Stock Exchange by next July, subject to market conditions and obtaining the relevant regulatory approvals in the Sultanate of Oman.
He explained that the company expects to distribute total dividends of approximately OMR71.2 million, equivalent to $185 million, for the financial year 2026, which is the year representing the basis for calculating distributions. These dividends are to be paid in two equal installments in September 2026 and April 2027. As for the period between 2027 and 2028, dividend distributions are expected to amount to 90 percent of net profits, or a minimum represented by an annual compound growth rate of 3% compared to the distributions of the financial year 2026, whichever is higher.
He added that from the financial year 2029 and onwards, the company intends, following Board of Directors' approval, to distribute available cash liquidity that has not been allocated for general corporate purposes, expansionary investments, or acquisition opportunities. The dividend distribution policy is designed to reflect the company's expectations of achieving robust cash flows and sustainable long-term profitability potential, while allowing room to retain sufficient capital to fund ongoing operational requirements and investments necessary to support long-term growth.
He stated that OMIFCO achieved revenues of $802.3 million by the end of 2025, and an earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 50.6%, while the annual net profit margin reached 40 percent, reflecting the strength of the company's assets and its operational efficiency. Meanwhile, during the first quarter of the current year, it recorded revenues of approximately $207.4 million, an EBITDA margin of 50.5%, and a profit margin for the period of 40.4%.
Founded in 1998, the Oman India Fertiliser Company (OMIFCO) is a joint venture between the Sultanate of Oman and the Republic of India, focusing on the production of ammonia and urea. It commenced its first export operations of its products in 2005. The company operates a world-class fertiliser manufacturing and production complex in the Sultanate of Oman, which includes two production lines with an annual nominal production capacity of approximately 1.15 million metric tonnes of ammonia and 1.65 million metric tonnes of urea.
