Tehran Stock Exchange IPOed First State-Owned Bank

On the 18th and 21st of February 2009, In compliance with the privatization scheme, 5 percent of the equity shares of the state-owned Bank Mellat (Equivalent of 656 million shares of company) for the first time after listing, was offered by the government on Tehran Stock Exchange at the price of $ 0.12 per share with the total value of $78.7 million. This IPO exercise will be continued; another 10 percent of Bank Mellat is going to be offered by government in the coming months. Bank Mellat was established on 1979/12/20 by virtue of the resolution dated 1979/9/29 adopted by the General Assembly of Banks and pursuant to the provision of article 17 of the Bill on administering the Banks, with a paid-in capital of Rls 33.5 bn as a merger of ten nationalized banks. Currently, the bank’s capital amounts to Rls 13,100 bn and is one of the largest commercial banks in the Islamic Republic of Iran, ranking among the top 1000 banks of the world.