With Subscription Financing Available for Retail and Corporate Investors
Bank Muscat, the leading financial services provider in the Sultanate of Oman, is pleased to announce that is has been appointed as the Joint Global Coordinator and Issue Manager for the Initial Public Offering (IPO) of Oman India Fertiliser Company SAOC (OMIFCO), one of Oman’s largest industrial companies and a leading producer of ammonia and urea in the region. In addition to acting as Issue Manager, the Bank as well as Meethaq Islamic Banking will also assume the roles of Collecting Banks for the offering. OMIFCO recently announced the offering of 25% of its share capital through the sale of approximately 1.672 billion shares, with a total offering value of around OMR 260.9 million at top end of the price range. The transaction is expected to rank amongst the largest IPOs on the Muscat Stock Exchange in recent years.
Following approval of the prospectus by the Financial Services Authority (FSA), OMIFCO announced that the subscription period for the offered shares will run from 16th to 25th of June 2026 for both category I (local, regional and international institutions) and category II (Omani retail investors and residents) investors. A total of 60% of the offered shares, equivalent to approximately 1.003 billion shares, has been reserved for institutional investors, while the remaining 40%, equivalent to approximately 668.9 million shares, has been reserved for retail investors. The institutional offering price has been set within a range of 146 to 156 baisas per share, while the retail subscription price has been fixed at 156 baisas per share. Based on the final pricing, the offering is expected to provide an attractive dividend yield to investors of approximately between (7.8% – 8.3%) based on 2026 dividends. The Company expects base dividend of approximately OMR 71.2 million for FY2026, paid in two equal instalments (September 2026 and April 2027). Additionally, along with the first dividend distribution expected to be paid by September 2026, the Company intends to pay a special dividend of OMR 9.6 million. In aggregate for FY2026, the Company intends to pay a total dividend of OMR 80.8 million. For FY2027 and FY2028, the Company intends to pay dividends are expected to be the higher of 90 per cent. of net profit or a minimum annual compounded increase of 3 per cent. from the FY2026 base dividend of OMR 71.2 million. Before making the investment decision, prospective investors are urged to review the company’s prospectus that is available on the Financial Services Authority’s website (www.fsa.gov.om).
Bank Muscat is offering retail investors direct access to subscription financing through its Internet Banking and Mobile Banking (IBMB) platforms. Investors may apply for IPO financing ranging from a minimum of OMR 1,000 to a maximum of OMR 200,000 per investor through the digital channels mentioned above. Investors seeking financing in excess of OMR 200,000 may submit their requests through any Bank Muscat branch by discussing their requirements with the branch team. Bank Muscat’s retail customers who repay the full financing amount at the time of completing procedures to recover excess subscription funds from Muscat Clearing and Depository will not incur any early settlement fees. Meethaq Islamic Banking’s customers who are interested in subscribing into the IPO can do so through Meethaq’s Mobile Banking platform. Bank Muscat’s corporate and institutional customers interested in IPO financing may contact their relationship managers at the branches of Bank Muscat to discuss financing solutions tailored to their specific requirements. Further information regarding the financing solutions available for the IPO can be found on the dedicated OMIFCO IPO page on Bank Muscat’s website (OMIFCO IPO). Meethaq Islamic Banking’s corporate customers may also consult their relationship mangers at Meethaq’s branches for necessary guidance and further details.
Commenting on the occasion, Khalifa Abdullah Al Hatmi, Deputy General Manager of Investment Banking & Capital Markets at Bank Muscat, expressed pride in partnering with OMIFCO on this landmark transaction. He noted: “The IPO represents another important milestone in the development of Oman’s capital market, broadening investor participation in leading domestic companies and reflecting the success of the Sultanate’s privatization initiatives and efforts to strengthen the role of the private sector in the national economy. Bank Muscat’s appointment as Joint Global Coordinator and Issue Manager underscores the confidence placed in the bank by OMIFCO, particularly in light of the bank’s extensive experience in executing large-scale capital market transactions and the expertise of its Investment Banking and Capital Markets team.”
