Omani fertilizer company Omifco makes an initial public offering
Published by Oliver Kleinschmidt,
Deputy Editor
World Fertilizer,
Omani urea and ammonia producer Omifco aims to float 25% of its existing shares on the Muscat exchange through an initial public offering (IPO).
The precise timeline for the IPO has not been confirmed, but the firm has indicated an expected listing at some point in July, according to its website.
Oman's OQ owns half the business, with India's Iffco and Kribhco holding a quarter each. Omifco produced 2.07 million t of urea in 2025, almost all which was exported and sold by OQ, with India accounting for 71% of deliveries in 2023 - 2025, while 17% went to Latin America. The firm also produced 1.35 million t of ammonia in 2025, with India receiving 61% of shipments in 2023 - 2025 and 23% shipped to African markets. Omifco exports from the Omani port of Sur.
The firm has yet to publish an IPO prospectus but reported revenue of just over US$800 million in 2025 and a profit margin of 40%, implying profit of just under US$321 million. In comparison, fellow supplier Fertiglobe, which operates nitrogen facilities in the UAE, Egypt and Algeria, posted revenue of US$2.83 billion in 2025, while Saudi Arabia's Sabic reported revenue of 13.1 billion riyals (US$3.49 billion) in 2025.
Omifco is one of the top urea producers in Oman and the joint third-largest producer in the Mideast Gulf – not including Iranian suppliers – after QatarEnergy and Sabic and has roughly the same urea capacity as Fertiglobe's Fertil facility in the UAE.
The timing and speed of the IPO launch are not surprising. Urea and ammonia prices spiked in the aftermath of the US-Iran war at the end of February and the effective closure of the Strait of Hormuz. The Middle East is the largest urea exporting region, shipping around 20 million tpy, or 35% of global seaborne trade, of which just over 17 million tpy either loads beyond the Strait of Hormuz or from Iran. But Omani suppliers have escaped the snarled traffic in the wider region in recent months and were largely able to continue operations and shipments, capitalising on the highest nitrogen prices in nearly four years.
Read the original article by Harry Minihan on Argus Media here.
Read the article online at: https://www.worldfertilizer.com/nitrogen/04062026/omani-fertilizer-company-omifco-makes-an-initial-public-offering/
