IPO Announces Launch of ETF for 4 Refineries

The Iranian Privatization Organization published a notice Tuesday outlining details about subscription of government shares in four refineries via an exchange-traded fund. 
It called on the public to subscribe for the ETF units starting Wednesday (August 26). Subscriptions will be accepted over two weeks ending Sept. 9, according to the notice on the IPO website. 
The ETF, dubbed “First Refinery”, holds government shares in four major oil refining companies, namely Tehran Oil Refining Company, Esfahan Oil Refining Company, Tabriz Oil Refining Company and Bandar Abbas Oil Refining Company. The government owns 20% of shares in each refinery.