The second initial public offering of the current fiscal year (started March 21) is scheduled for Tuesday and is related to the telecoms company MobinOne Kish.
MobinOne was listed on Iran Fara Bourse’s second market in October 2016 as its 146th company, but its IPO and trading were delayed. The board meeting held on Sunday decided to make 10% of the company’s shares public in the over-the-counter market, Bourse Press reported.
The current market capitalization of “MOBZ” is 100 billion rials ($2.63 million). Its earnings per share and P/E ratio stand at 533 rials and 1.88 respectively, according to data by Securities and Exchange Organization.
MobinOne’s major stakeholder is Iran Electronic Development Company. It is advised on the IPO by the financial consultancy Didgah Novin Investment.
The company was established in 2010 and offers value-added services in the telecoms sector, such as interactive voice response technology and micropayment. It is described on its website as a joint venture of two ICT companies: One and Iran Mobin.
The equity market’s latest IPO was for the payment service provider Behpardakht Mellat in late July. The Bank Mellat subsidiary was well received by investors, as stocks had just stabilized after a few turbulent months and IPOs’ return was seen as injecting new blood into the market.
Before Behpardakht’s offering, all IPOs on the Iranian equity market had been suspended since early February.
According to Mohsen Khodabakhsh, an official with the Securities and Exchange Organization, the suspension was aimed at “supporting investors and preventing liquidity flight.”
Late last year, several heavyweight IPOs had caused a sudden capital flight from the market due to their large size, indirectly pressuring small investors to sell and finally prompting market regulators to stop public offerings until further notice.
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