Two newly listed companies, a petrochemical company and one active in the food industry, will go public on Wednesday.
Arya Sasol Polymer Company, which is listed at the junior equity market Iran Fara Bourse, plans to sell 5% of its shares in an IPO today.
The IPO includes 292 million shares and investors can place orders on prices ranging from 65,011 rials to 65,119 per share.
The company expects to make 19 trillion rials ($112 million) from the IPO, according to a notice published on the IFB website.
Established in 2002, Arya Sasol Polymer Co. produces ethylene, polyethylene and other polymers. It is located in the Pars Special Economic Energy Zone in the port city of Assalouyeh, in southwest Bushehr Province.
The company produces one million tons of ethylene, 300,000 tons of 9 grades of low density polyethylene and 300,000 tons of 10 types medium/high density polyethylene per year.
Zar Macaron industrial Company is the food company that will offer it shares on Wednesday. Listed with Tehran Stock Exchange, Zar Macaron plans to offer 192 million shares representing 12% of the company’s total shares.
Each share is priced between 43,000-45,500 rials and the company hopes to generate 8.7 trillion rials ($51 million).
Zar Macaron produces processed cereal products and is touted on its website as “the first and largest producer” of different types of pasta.
Share orders will be processed based on book-building method for both IPOs. Book-building is a process by which an underwriter attempts to determine the price at which an IPO will be offered. Price discovery involves recording investor demand for shares before arriving at an issue price.
Listing on the bourse has gained pace in recent weeks after calls from senior economic officials urging market regulators to expand the market by listing more companies.
