Oman Daily Observer: MUSCAT: The Financial Services Authority (FSA) has approved the prospectus for the initial public offering (IPO) of Oman India Fertiliser Company (OMIFCO), clearing the way for one of the largest listings in Oman’s capital market and offering investors the opportunity to acquire a stake in one of the Sultanate’s leading industrial companies.

The IPO will comprise the sale of 1.672 billion shares, representing 25 per cent of OMIFCO’s total share capital, with a total offering value of approximately RO260.9 million. The company is expected to be listed on the Muscat Stock Exchange following the completion of the offering.

Subscription for all investor categories will open on June 16 and close on June 25.

Institutional investors have been allocated 1.003 billion shares, equivalent to 60 per cent of the offering. Shares in this category will be offered through a book-building process within a price range of 146 to 156 baisa per share. The category is open to local, regional and international investors. Up to 30 per cent of the total offering has been allocated to non-local investors, while at least 30 per cent is reserved for local institutional investors.

Retail participation will account for the remaining 40 per cent of the IPO, with 668.9 million shares allocated equally between high-net-worth individuals and retail investors. Shares for individual investors will be offered at a fixed price of 156 baisa per share and allocated on a pro-rata basis.

According to the prospectus, any shares remaining unsubscribed in the retail tranche may be transferred to the institutional category if there is sufficient additional demand. The FSA also retains the authority to determine the allocation mechanism for retail investors in the event of oversubscription.

OMIFCO said it intends to adopt a semi-annual cash dividend policy after listing, with dividend distributions expected in April and September each year, subject to the required approvals.

The listing is expected to support ongoing efforts to deepen Oman’s capital market, broaden the investor base and create new investment opportunities for both local and international investors. It also marks another significant step in the development of the Muscat Stock Exchange, following a series of major public offerings aimed at expanding market participation and attracting fresh capital.

OMIFCO is one of Oman’s key industrial companies and plays an important role in the fertiliser sector, supporting industrial development and contributing to the national economy. The IPO is expected to attract strong investor interest given the company’s established market position and dividend distribution plans.