Iran Fara Bourse 7th IPO conducted today and Investor Participation Set a New Record

Wednesday, 7 November 2018

10 percent of the shares of Ghaed Basir Petrochemical Co. went public today on Iran Fara Bourse Second market by Tadbirgaran Farda Brokerage under the ticker of BSRZ1 as the seventh IPO of the (Iranian) year. Each share of BSRZ1 has discovered 8500 rials (the high end) in the IPO process in which more than 266,000 traders participated.

The total of 33M shares could be bought by investors today through book building method in 8000 to 8500 rials price range but the market witnessed an intense urge to buy resulted in more than 146M bids to buy which was a new record high in this regard.

Founded in 1998, Ghaed Bassir Petrochemical Products Co. is the first ABS manufacturer in Iran under Kumho license in private sector according to Ghaed Bassir authorities.

At the IPO press conference held a few days ago, Ghaed Bassir CEO, addressing the quality of the output, stated that: “our products even replaced foreign products and we can really compete with them in this regard”.

He then continued: “Over the past few years, the amount of ABS produced in various grades has risen to 41,000 tons per year and has exceeded the nominal capacity and increased the profitability of Ghaed Bassir.

The IPO press conference of an iron ore company held yesterday on Iran Fara Bourse and at the very press conference which was the 44th one, the management team of Sange Ahane Gohar Zamin company 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., and Avicenna Laboratories Inc. this year so the very IPO was the seventh one since the beginning of the Iranian year of 1397 (March 2018).