TSE Hosts Detergent Company IPO

At an initial public offering hosted by the Tehran Stock Exchange on Wednesday, 10% of the shares of Padideh Shimi Gharn Company (producer of detergents and sanitary products) were bought.  
The IPO was welcomed by investors as an unprecedented 1.49 million legal and individual investors took part, the TSE website reported. 
The offer comprised 100 million shares and each investor was able to buy only 68 shares at the end of the trading session. The IPO raised 1.7 trillion rials ($12.3 million).  
Investors were required to place orders on prices ranging from 16,000 to 17,000 rials a share. Each share was eventually priced at 17,000 rials. 
Orders were placed via the book-building method, which 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. 
This is the fifth company that goes public via TSE since the beginning of current fiscal year that ends in March.