IFB Second Market Hosted an Iron Ore Giant IPO

Monday, 19 November 2018

Gohar Zamin Iron ore Co. IPO launched today on Iran Fara Bourse Stock Exchange by Sepah Bank Brokerage Co. and more than 310,000 investors participated in the public offering of the shares of the 12,300 billion rials company which is a record high in terms of investors’ participation.

Five percent of the shares of the iron ore giant went public in IFB’s Second Market under the ticker of “GZIZ” at a price range of 6500 rials-6800 rials and each share has discovered 6800 rials (the high end).

The public offering of Gohar Zamin Iron ore Co. (Gohar Zamin) was the eighth IPO of the (Iranian) year in which the very company sold about 615 million (5 percent) of its shares and will offer another 5 percent in the next 6 months.

The IPO press conference of this company held a few days ago on Iran Fara Bourse and at the very press conference which was the 44th one, the management team elaborated on their plans and views and answered to the reporters’ questions.

Founded in 2004 to produce 10 million tons of pellets and concentrates, the very company’s CEO stated that the largest mining operations of the country carried out by this company resulted in the extraction of 18 million tons of iron ore.

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., Kish Parsian E-Commerce Co., Avicenna Laboratories Inc., and Ghaed Basir Petrochemical Co. this year so the very IPO was the eighth one since the beginning of the Iranian year of 1397 (March 2018).