54026
TSE is preparing for a huge wave of initial public offerings.
TSE is preparing for a huge wave of initial public offerings.

2 Major Firms to Make Debut at TSE This Month

2 Major Firms to Make Debut at TSE This Month

A drug maker and an oil company, slated to go public this month (the Iranian month that started on Nov. 21), will be the vanguard of 37 listings planned by Tehran Stock Exchange for the next six months.
Barekat Pharmaceutical Group and Jey Oil Refining Company will each sell a 10% stake on Tehran Stock Exchange, Esmaeil Dargahi, TSE's listing deputy, was quoted as saying by Boursepress.
The economy is showing signs of improvement after nuclear sanctions were lifted in January. These have prompted the exchange's executives to get a TSE listing for various companies.
The exchange is preparing for a huge wave of initial public offerings, Securities and Exchange News Agency reported.
Forty companies will join the exchange, 37 of which will offer shares to the public for the first time. The companies will be accepted into the exchange before the end of March, though the actual IPOs will take longer to complete.
The listing of these companies will diversify the exchange's portfolio of companies, TSE executives claim and carve out a place for new industry groups like investment banks.
The first of this wave will be Barekat Pharmaceutical Group and Jey Oil Refining Company. The latter is the largest bitumen producer in Iran that works with Isfahan Refinery and claims to export 80% of its products.
Barekat is one of Iran's largest pharmaceutical holding companies with more than 20 subsidiaries and claims to control 14% of Iran's pharmaceutical market. It is wholly owned by EIKO—the Execution of Imam Khomeini's Order, a charity organization with multi-sector business holdings.
According to Dargahi, the exchange is also reviewing Ghadir Electricity and Energy, a subsidiary of giant conglomerate Ghadir Investment Company, in the next two weeks. Ghadir investment company's majority shareholders are a consortium of the Armed Forces pension and insurance organizations.
Dargahi added that Pars Energy-Gostar Drilling and Exploration Company's request for listing will also be reviewed, though he gave no timeframe for the review.
PEDEX is wholly owned by Mostazafan Foundation of Islamic Revolution. It started as a construction company 35 years ago and moved to upstream petroleum services 18 years later by winning a contract for developing three gas fields.

Short URL : https://goo.gl/plGv4p
  1. https://goo.gl/w7mhOl
  • https://goo.gl/yyqqxB
  • https://goo.gl/RC6ti6
  • https://goo.gl/HLI4oY
  • https://goo.gl/0YY9Q0

You can also read ...

Iran Air Banks on New Planes to Prosper (Photo: Alireza Izadi)
Iran Air hopes to earn $1-1.2 billion per year from ticket sales...
Iran to Tap Int'l Debt Market After Risk Improvement
The possibility of Iran entering the international debt market...
14 Priority Projects
First Vice President Es’haq Jahangiri has tasked the Ministry of...
MG 360 Sedan Will Cost $14,000 in Iran
MG Pars Motor, the official subsidiary of Chinese carmaker SAIC-...
A handful of insurance companies accounted for 82.8% of the total premium incomes. 
Private insurance companies accounted for 62.2% of the total...
Iran Private Sector Presents Demands from the New Gov't
Iranians reelected President Hassan Rouhani on May 19. While he...
PGPIC, European Co. Discuss $3.3b Petrochem Project
The Persian Gulf Petrochemical Industries Company (PGPIC) has...
Sugar-Free Cocoa Powder Imports
Close to 3,110 tons of sugar-free cocoa powder worth nearly $9.9...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus