Omifco shares surge in Oman’s first IPO this year

Shares of Oman India Fertiliser Company (Omifco) closed 23 percent higher than its debut offering price on the Muscat Stock Exchange (MSX) on Wednesday.

The stock closed at OMR 0.185 ($0.481) compared to its OMR 0.156 ($0.40) offering price, beating the benchmark, which closed almost 1 percent lower after US President Donald Trump declared the end of the interim peace deal with Iran.

More than 341 million shares changed hands in the first trading session, valued at OMR64 million, according to MSX data.

Omifco sold 1.672 billion shares – 25 percent of its issued share capital – through an initial public offering – the first on the local stock exchange this year.

It raised OMR 261 million. The offering was 18 times oversubscribed, attracting OMR 4.7 billion ($12.2 billion) in investor orders.

State-run energy company OQ owns 50 percent of the venture, with the remaining split between Indian Farmers Fertilizer Cooperative and Krishak Bharati Cooperative.

Bahrain’s Sico Bank said in a report that Omifco is largely immune to the Strait of Hormuz crisis compared to other GCC-listed fertiliser producers.

“With the conflict now re-erupting, the stock may continue to see interest,” the Sico report said.

The dividend yield is expected to be at a minimum of 6.4 percent in 2026, Sico said.

The company’s IPO prospectus estimates the dividend payout at $80 million in 2025, down from $142 million in 2024.

• Omifco aims for $675m as Oman IPO opens
• Oman’s market cap rises as trading volumes surge
• Oman plans $2bn borrowing to cover budget deficit

The MSX closed 68 points lower at 7637.53 points on Wednesday. It has risen by 1 percent over the past month and surged by 66 percent over the past year.

Last year MSX emerged as the best-performing equity market in the GCC with an annual gain of 28 percent, according to a Kamco Investment report.

The total market capitalisation of companies listed on MSX rose 16 percent year on year to OMR 32 billion in 2025 due to higher turnover value.