Tehran Stock Exchange (TSE) IPOed first and biggest telecom company

On 9 August 2008, five percent of equity shares of state-owned Telecommunication Company of Iran Co (Equivalent of 2,293 million shares of company) first time after listing, was offered by government on Tehran Stock Exchange at the price of $ .16 per share with the total value of $367 million. Further shares will be offered in coming days. Management forecast consolidated earnings per share at $0.018. By this IPO market Capitalization of TSE increased about $7.4 billion and reached to $75 Billion. Telecommunication Company of Iran (TCI) was established in 1971 with a new organizational structure as the main responsible administration for the entire telecommunication affairs. TCI has utilized the most advanced equipment and services such as digital switching centers, optical fiber cables, mobile phones, data networks, satellite services, and telephone special services during the recent years.