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HiWeb to IPO on Tehran Stock Exchange

HiWeb to IPO on Tehran Stock ExchangeHiWeb to IPO on Tehran Stock Exchange

Privately owned Internet service provider (ISP) HiWeb will start its initial public offering this week on Tehran Stock Exchange’s secondary index.

According to the official website of the TSE, HiWeb has been granted the permits and is permitted to begin trade this week.

However, the HiWeb ticker (HWEB1) remains closed despite the markets being open, according to the TSE indices page.

Financial Tribune contacted HiWeb for further information. It was not available for comment.

HiWeb signed a non-equity “partner market agreement” with Britain’s biggest mobile operator Vodafone last October, which is one of the most advanced ISPs in terms of investment in infrastructure and offers.

According to a Vodafone press release at the time, as part of the new deal, Vodafone will assist HiWeb in modernizing network and IT infrastructure in addition to expanding fixed and mobile Internet services.

By being listed on the TSE the company will be able to raise funds for financing joint projects with Vodafone.

HiWeb is also planning to offer Mobile Virtual Network (MVNO) services.

In the MVNO sphere, it is relatively behind its rivals since several others have unveiled their MVNO SIM cards.

Earlier in March, Iran’s Communications Regulatory Authority released the ranking of leading ADSL Internet service providers. HiWeb along its old rival Shatel were the second best local Internet service providers.

 

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