New IPOs on Iran Fara Bourse

EghtesadOnline: In the trading week that starts Saturday, Iran Fara Bourse stock exchange will host four initial public offerings marking the last trading week of the current fiscal year that ends on March 20.

News ID: ۷۸۴۵۶۹

16 March 2019

According to the IFB website, Moallem Insurance, Zogros Kosar Power Generation Management Company and Mahan Chicken Meat Production Complex will float their shares from Saturday to Monday,

Also on Monday, Rahyaban Farda Company will offer 10% of its shares in the small and medium sized companies section of IFB, to mark the 16th IPO of the current fiscal on the junior stock exchange.

As for Moallem Insurance, the company's total shares are 1.5 billion of which 75 million (5% of the whole) will be floated on Saturday. On Sunday, 150 million Zagros Kowsar shares will be floated by Day Bank, according to Financial Tribune.

Mahan has 400 million shares, 10% of which will be for sale at prices ranging of 3,800-4,000 rials per share.

Although the number of IPOs for Iran's capital market has been considered underwhelming, IFB had a relatively booming IPO market in the outgoing fiscal year.

The initial public offering of FKA Agriculture & Animal Husbandry Company (FKA) was completed on IFB's  Second Market in March.

FKA Agriculture & Animal Husbandry Company was the fifth Agricultural company to go public on Iran Fara Bourse this fiscal and the tenth ever on IFB.

Moreover, in the initial public offering that was the second of its kind this year and the twelfth since March 2018, 60 million shares (20%) of FKA went public via Saba Tamin Brokerage Co. through book building method in the 8,200 rials-8,300 rials price range, an IFB  press release said.

Iran Fara Bourse stock exchange also hosted the IPO of Ghadir Petrochemical Co., Neishabour-based Binaloud Agriculture and Animal Husbandry Company, Ghiam Esfahan Agricultural and Livestock Co., among others, since March 2018.