Avicenna IPO received warmly in IFB

Tuesday, 16 October 2018

IFB’s sixth IPO of the year conducted and shares of Avicenna Laboratories Inc. (Avicenna) went public today by Sanat Madan Bank Brokerage through an initial public offering at the Second Market of Iran Fara Bourse Stock Exchange; More than 205,000 investors participated in the very IPO.

10 percent (35 million shares) of the shares of Avicenna discovered price at 3300 rials, the high end, today as the 6th IPO of the year which is also the 6th pharmaceutical company to be publicly offered in IFB’s markets.

Founded in 2003, Avicenna, a manufacturer of solid dosage form of drug products, supplies various drug products to domestic and international clients.

At the Avicenna’s IPO press conference held last Wednesday, the CEO of the company stated: “being a knowledge-based company is our competitive advantage as a pharmaceutical company…We are about to produce drugs for breast cancer, colon cancer, lung cancer etc, taking into account sanctions and the prohibition of drug imports the company will be more profitable”.

Finally, Iran Fara Bourse stock exchange hosted the initial public offerings of Ghadir Petrochemical Co., Neishabour-based Binaloud Agriculture and Animal Husbandry Co., Ghiam Esfahan Agricultural and Livestock Co., Atrin Nakh Qom Co., and Kish Parsian E-Commerce Co. this year so the very IPO was the sixth one since the beginning of the Iranian year of 1397 (March 2018).