A $1 billion market cap petrochemicals firm has listed on the Tehran
Stock Exchange (TSE), the biggest listing in the country in recent years and
one of the first since sanctions were lifted last month.
The initial public offering (IPO) took place on February 17 but has not
been reported outside of Iran.
In an interview with Arabian Business, Hassan Ghalibaf Asl, said Fajr
Petrochemical Company offered 200 million shares equal to eight percent of its
equity on the Tehran Stock Exchange for the first time.
The company has a $1 billion market cap. Based in Tehran, it provides
electricity and chemicals including nitrogen, oxygen, instrument and plant air
to production plants in the petrochemical special economic zone of Iran.
It is also involved in the construction, commissioning and operation of
industrial factories for the production and export of petrochemicals, according
to Bloomberg.
Each share of Fajr Petrochemical Company was traded at IRR 11,500
($0.38) on February 17 and with the listing of 200 million shares, a total of
IRR 28,750 billion ($952 million) was added to the circa $100 billion Tehran
Stock Exchange market cap.
The company has become the 319 listed company on the
exchange, said a statement on the exchange’s website.
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