Equity Market’s 8th IPO Due Today

Rail wagon and locomotive producer Asia Seir Aras Company is set to have its initial public offering today to mark the current fiscal year’s (2017-18) eighth in the equity market. With a market capitalization of 800 billion rials ($20.5 million), the company is currently listed on Iran Fara Bourse. The IPO includes a 10% offering of the firm’s shares totaling 80 million at a price range of 1,150 to 1,200 rials undertaken by Mehrafarin Brokerage. Each institutional and non-institutional trader can purchase a maximum of 850 shares, Bourse Press reported. Asia Seir Aras Company has forecast 78 rials of earnings per share for the current fiscal year and realized 19% of its target during the first quarter of the year. The market’s last IPO was for Iran & Shargh Leasing Company after Rishmac Company, HiWeb, Chador Sazan Company, Parsian Kowsar Hotel, MobinOne Kish and Behpardakht Mellat respectively.