Yazd Tire Co. Offers 40m Shares

Yazd Rubber Industries Complex, a major tire producer in central Iran, offered 10% of its shares in an initial public offering on the junior equity market Iran Fara Bourse on Wednesday.
The offer comprised 40.8 million shares with each share tagged at 40,353 rials, according to a notice on the IFB website. 
The company was able to raise 1.64 trillion rials ($10 million) through the IPO as the listing was well-received by investors with an unprecedented 3.07 million trading codes participating. 
Orders were placed through book-building method, which is a process by which an underwriter seeks 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. 
The company was founded in 1985 and manufactures tires and tubes for light trucks, cars, motorcycles and bicycles.

The IPO was the third of its kind at Iran Fara Bourse since the beginning of current fiscal year on March 20.