The initial public offering (IPO) of 25% of shares in the Oman India Fertiliser Company (OMFICO) raised $678mn, the firm said. It is set to be listed on the Muscat Stock Exchange (MSX) on 8 July.
OMFICO operates a two-train 1.15mn t/y ammonia facility and a two-train 1.65mn t/y urea plant at Sur. As a joint-venture set up by Oman and India in 1998, its shareholding prior to the IPO comprised Omani state energy firm OQ (50%), Indian Farmers Fertiliser Cooperative (IFFCO: 25%) and Krishak Bharati Cooperative (KRIBHCO: 25%). OMFICO’s main export market is India, with 61% of exports in 2023-2025 going to the subcontinent. (CONTINUED - 159 WORDS)