TSE to host this year’s 15th IPO on Wednesday

August 10, 2020 - 16:50

TEHRAN- Tehran stock Exchange will host the 15th initial public offering (IPO) since the beginning of the current Iranian calendar year (March 20) on Wednesday, Tasnim news agency reported.

As reported, Behsaz Kashaneh Company active in development projects will offer 4.026 billion shares in the secondary market of the TSE.

Last week, the head of Iran’s Securities and Exchange Organization (SEO) announced that the capital market has provided one quadrillion rials (about $23.809 billion) of financing during the first four months of the current Iranian calendar year (March 20-July 21).

“Until the previous week, we had just one IPO (initial public offering) on Wednesday every week, but in the previous week, two IPOs were held. The value of IPOs stood at 53 trillion rials (about $1.261 billion) in the previous [Iranian calendar] year, while the figure has been 137 trillion rials (about $3.261 billion) just in the first four months of the current year”, the SEO head announced on last Monday.

In a press conference in late June, Qalibaf-Asl had said that about 50 companies had already requested for IPO in Tehran Stock Exchange and about 100 companies had requested for IPO in Iran Fara Bourse (the country’s over-the-counter market), which were being investigated by the SEO.

It should be mentioned that in the current Iranian year, Iran’s stock market witnessed its largest-ever initial public offering, as Social Security Investment Company (SSIC, also known by its Persian acronym Shasta) offered eight billion shares, which account for 10 percent of its stakes, for sales in Tehran Stock Exchange on April 15.

Two weeks ago, Finance and Economic Affairs Minister Farhad Dejpasand announced that the value of trades in Iran’s stock market has risen 625 percent during the first four months of the current year, compared to the same period of time in the past year.

The minister also said that the value of four-month trades at this market has increased 145 percent since the beginning of the current year.

The official went on to say, “We try to save the liquidity attracted by the capital market and lead it toward production and development.”