Traders rush to get in on Oman India Fertiliser’s $678M IPO

Oman India Fertilizer Co. attracted more than $12 billion in orders for its $678 million IPO, making it the Middle East’s largest share sale since the outbreak of the Iran conflict.

The offering was priced at the top of its range, valuing the company at about $2.7 billion and drawing demand from sovereign wealth funds including Oman Investment Authority, Qatar Investment Authority and Mubadala.

The order book was about 18 times oversubscribed, reflecting strong investor appetite for Omani assets as the sultanate benefits from trade routes that bypass the Strait of Hormuz.

Shares are scheduled to begin trading on the Muscat Stock Exchange on July 8.