Tehran Stock Exchange: IPO of Mellat Insurance

Monday, 9 July 2012

On 9 July 2012, Mellat Insurance Company made an initial public offering (IPO) of 150 million shares (equivalent to 10 percent of its total equities). Shares were offered to the public at a price of IRR 1,321 (USD 0.108) each, with the total value of IRR 198 billion (USD 16.1 million).
Common stocks of Mellat Insurance are listed and will be traded on TSE’s second market under the symbol “BMEL”.
Mellat Insurance was a private insurance company, established in 2003 in Iran, headquartered in Tehran and comprises around 400 agencies countrywide.
Mellat Insurance supplies a vast array of insurance products to both individual consumers and businesses.
In addition to its comprehensive coverage for autos, homes and businesses, Mellat Insurance has capacity to give advice and consulting services for large commercial accounts. Mellat Insurance offers business insurance, including employment practices liability, and specialty packages for contractors, regional hospitals, and some different