All eyes on India-Oman fertilizer venture’s Muscat listing

India-Oman JV set to go public: Oman India Fertilizer Company (Omifco) plans to float 25% of its shares through an IPO on the Muscat Stock Exchange, marking Oman’s first listing of 2026, Arabian Business reports.

Offer details: The company is a joint venture between Omani and Indian state-run entities — energy firm OQ holds a 50% stake, while Indian Farmers Fertilizer Cooperative and Krishak Bharati Cooperative each own 25%. The listing will consist entirely of existing shares sold by the three shareholders and is slated for a July listing. Bank Muscat and Société Générale will be global coordinators on the issue.

War boosts fertilizer economics: Omifco operates two ammonia plants with an annual capacity of 1.1 mn tons and two urea plants with a capacity of 1.6 mn tons. The company expects revenue to rise 40% in the second quarter as global fertilizer prices climb amid disruptions to trade flows and supply chains following the Strait of Hormuz crisis, CEO Ahmed Al Marhoubi told the news outlet.

Why it matters: While the Iran war has resulted in a near-total closure of the Strait of Hormuz, Omifco’s production facilities in Sur sit entirely outside the chokepoint on Oman’s eastern coastline. The company maintained uninterrupted exports, capitalizing on a four-year peak in global nitrogen prices.

An India-Oman corridor asset: Omifco sits at the heart of India’s fertilizer supply chain, supplying urea to one of the world’s largest importers through a long-standing bilateral partnership. Between 2023 and 2025, India’s agrarian sector absorbed 71% of Omifco’s urea and 61% of its ammonia under long-term offtake agreements.

What’s next: Omifco is also evaluating a potential expansion that could significantly increase ammonia and urea production capacity, though no final investment decision has been made.

Apparel Group’s Mumbai listing

Dubai-based Apparel Group is testing India’s IPO market for its local retail business. The fashion and lifestyle retailer has started preliminary discussions with banks about a possible Mumbai listing of Apparel Group India, Bloomberg reports, citing people familiar with the matter. The offer could launch later this year or in early 2027.

The India play: Apparel Group India gives the Dubai retailer exposure to India’s consumer and retail market through more than 300 stores across over 50 cities and more than 20 brands, including Victoria’s Secret, Aldo, Crocs, Charles & Keith, Tim Hortons, and Nike Littles. Timing will be the main test, with India’s IPO market cooling as companies delay listings amid Iran-war-linked volatility and foreign investor outflows from the equity market.