A&O Shearman advises underwriters on OMIFCO USD678 million IPO

OMIFCO's existing shareholders OQ SAOC, Indian Farmers Fertiliser Cooperative Limited, and Krishak Bharati Cooperative Limited offered a total of 1,672,343,750 shares, representing 25% of OMIFCO's total issued share capital, to investors. Immediately following the offering, the selling shareholders retain a 75% shareholding in OMIFCO in aggregate. Upon listing, OMIFCO is expected to have a market capitalization of approximately OMR1.0 billion (approximately USD2.7bn).

OMIFCO successfully completed the bookbuilding and subscription process for the IPO, setting the final offer price at the top end of the announced price range at Bsz156 per share for all categories of the offering. The IPO generated gross proceeds of approximately USD678m. OMIFCO will not receive any of the proceeds of the offering, all of which will be paid to the selling shareholders.

The A&O Shearman team was led by partners Jeff Hendrickson and Harsha Kumar alongside senior associate Baxter Schooley, associates James Clark and Mariam Jaber, and U.S. law clerk Jungyun Han. 

OMIFCO is a joint venture between Oman and India focused on the production of ammonia and urea. Incorporated in 1998, with exports commencing in 2005, OMIFCO operates a two-train ammonia and two-train urea fertilizer manufacturing facility in Oman, with an annual nameplate production capacity of approximately 1.15 million metric tons of ammonia and 1.65 million metric tons of urea. OMIFCO leverages Oman's abundant natural gas as its primary feedstock and focuses on global markets, including India as a key market for fertilizers.