Riding-Hailing Company Makes Stock Market Debut

The Tap30 company, one of the main ride-hailing companies in Iran, offered 5% of its shares on Tuesday. It offered 1.17 billion shares each at 9,400 rials. The IPO was billed at 11 trillion rials ($34 million). 
The company made its debut on Iran Fara Bourse, the junior equities market in Tehran, and only “eligible investors” were allowed to partake in the primary offering, namely exchange-traded funds (ETFs), mutual funds and asset managers.  
As per rules set in Sept. 2021, the Securities and Exchange Organization allows only “professional investors” to participate in IPOs of “risky” and small-size companies.