Oman India Fertiliser Co aims for $2.5bn valuation

• Expected to float by next month
• Plans to sell 25% stake
• Sought proposals in September

Oman India Fertiliser Company (Omifco) is reportedly planning to float on the Muscat stock exchange by next month.

The Omani-Indian joint venture has a target valuation of at least $2.5 billion and is planning to sell a 25 percent stake on the local bourse, Bloomberg reported.

The company was seeking proposals from banks for its potential listing last September.

No final decisions have been taken on the timing or the IPO size.

Omifco was established in 1994, with the state-owned energy group OQ holding a 50 percent stake. Its plants at Sur Industrial City produce 3,500 tonnes per day of anhydrous ammonia and 5,060 tonnes per day of granular urea.

Indian Farmers Fertiliser Cooperative and Krishak Bharati Cooperative each own a 25 percent stake in Omifco.

In March Oman Gateway Fund raised $70 million in an initial public offering, making it the first listed mutual fund in the sultanate.

Oman-listed companies have raised about $4 billion from IPOs since 2023, mostly from state-controlled companies.

• Iran war fertiliser squeeze could spell trouble for harvests
• Muscat Stock Exchange targets three IPOs in 2026
• Muscat bourse to extend trading hours from June

The Muscat stock exchange is expecting three initial public offerings this year, according to its CEO Haitham Al Salmi.

Al Salmi said the government is working on incentives to list privately owned companies, including tax waivers, preference in government tenders and other concessions.

Muscat stock market’s total market capitalisation stood at OMR38 billion as of May 13, 2026.