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(Bloomberg) — Oman India Fertiliser Co. has picked banks for a potential initial public offering in Muscat, according to people familiar with the matter, as the sultanate revives efforts to privatize state assets and deepen its capital markets.
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Societe Generale SA, Arqaam Capital Ltd. and Bank Muscat SAOG are among the arrangers working on the possible share sale, the people said, asking not to be identified because the information is private. The deal is expected to raise several hundred million dollars, the people said.
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OMIFCO, as the fertilizer producer is known, is owned 50% by Oman’s state energy firm OQ SAOC, with the remainder split equally between Indian agricultural cooperatives IFFCO and Kribhco. It’s unclear which shareholders — if any — would pare their stakes in the offering.
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OQ, SocGen and Arqaam Capital declined to comment, while representatives for Bank Muscat did not respond to requests for comment. Spokespeople for OMIFCO and the Indian cooperatives were not immediately available for comment.
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IPO activity in Oman has cooled after a blockbuster 2024, when local firms raised $2.5 billion — more than London. A 30% rebound in the benchmark index since its April low has lifted sentiment, and the stock exchange’s chief expects as many as three listings in 2026.
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OMIFCO, established as a joint venture between the governments of Oman and India, runs ammonia and urea production facilities in the sultanate, according to its website.
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