120M shares (10 percent) of Iran Office Machines Industries (Maadiran Group) went public on November 26, on Iran Fara Bourse Second market by Boursiran Securites brokerage company under the ticker of IOMZ as the ninth IPO of the year. Each share of Maadiran Group has discovered 3650 rials that day (the high end) in the IPO process in which more than 304,000 traders participated.
The total of 120M shares could be bought by investors that day through book building method in 3320 rials_3650 rials price range and the market witnessed an intense urge to buy resulted in more than 505M bids to buy.
Founded in 1964, Maadiran is a highly recognized and private Iranian conglomerate group focused on consumer electronics, home appliances, and business solutions sectors. The group also has varied business interests in multiple other industries. According to Maadiran authorities, the business is a fully private multi-generational family one.
At the IPO press conference held a few days ago, Maadiran Group founder declared that transparency, long-term sustainability of the company, and utilizing benefits of having access to capital market are the very company’s main goals of entering into this market.
Maadiran CEO then elaborated on their development plans and claimed that: “Our customers are our greatest asset”.
Finally, this year Iran Fara Bourse stock exchange hosted the initial public offerings of two Petrochemical companies and two Agricultural companies along with 4 other IPOs so the very IPO was the ninth one since the beginning of the Iranian year of 1397 (March 2018).