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 ...

Alcatel’s Android Go Cellphone in the Offing
Two of the phones Alcatel revealed last month will be coming...
NASA Seeks Help to Check Satellites
NASA is asking all cloud gazers to snap photos of the sky and...
Iran has signed a contract with China Railway Group Limited in 2015 to build a 415-km (260-mile) high-speed north-south rail line between Tehran and Isfahan via Qom.
The Economy Ministry sold 2 trillion rials ($41.6 million) of...
Banque Delubac Ready to Service Iranian Businesses
Executives with Banque Delubac and Cie, an independent French...
Trade With Afghanistan Tops $2b
Iran and Afghanistan exchanged 5.32 million tons of non-oil...
$92m Worth of Gov’t Debts to Be Cleared in Swap Deal
The government has decided to clear over 4.45 trillion rials...
Iran-Lithuania Trade Falls 44% in 2017
Trade between Iran and Lithuania stood at more than €11.1...
Gov’t, Workers, Employers Deadlocked in Setting Minimum Wage
With only a day left for the Supreme Labor Council to set the...

Add new comment

Read our comment policy before posting your viewpoints