Oman India Fertiliser Company (OMIFCO), a joint venture between Oman and India focused on the production of ammonia and urea, on Tuesday said it is planning to offer a 25% stake to investors in an initial public offering in Muscat.
The IPO could be the first public listing of the year in the Gulf country as well as one of the first in the region since the start of the U.S.-Israeli war on Iran.
Oman's state energy firm OQ owns a 50% stake in the firm, while Indian Farmers Fertiliser Cooperative and Krishak Bharati Cooperative each own a 25% stake.
All the shares on offer by the three selling shareholders are existing ordinary shares and the proceeds will be paid to the selling shareholders, OMIFCO said in a statement.
The subscription period is expected to commence this month, with a listing in Muscat expected in July.
The Middle East is a leading hub for the production of fertilizers, whose global prices have jumped following the near-total closure of the Strait of Hormuz during the war.
OMIFCO operates two ammonia and two urea plants in Oman with nameplate capacity of around 1.15 million tons per annum (mtpa) and 1.65 mtpa, respectively.
It said in the medium term, the firm might consider an expansion that could double capacity for both fertilizers, although no final investment decision has been made.
The company posted revenue of $802.3 million last year and $207.4 million in the first three months of 2026. It expects to distribute total dividends of around $185 million for the 2026 financial year.
Bank Muscat and Societe Generale are joint global coordinators for the offering.