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Stock market attracts $8.3b in 2 months

Iran’s stock market has attracted 350 trillion rials (about $8.33 billion) of liquidity since the beginning of current Iranian calendar year (March 20), the managing director of Tehran Stock Exchange (TSE), which is Iran’s major stock market, told ILNA.

Highlighting that the stock market is welcoming initial public offering (IPO) of the companies, Ali Sahraei said, “We held the IPO of Shasta although it was a very complicated process.”

Iran’s stock market witnessed its largest-ever initial public offering on April 15, when Social Security Investment Company (SSIC, also known by its Persian acronym Shasta) offered eight billion shares, which account for 10 percent of its stakes, for sales in Tehran Stock Exchange.

Shasta is the investment arm of the Social Security Organization, which provides healthcare entitlement and pension benefits for a large proportion of Iran’s middle and working-class members of the labor force.

Answering to a question about the number of IPOs planned for the current year, Sahraei said, “We try that more IPOs will be held this year compared to the previous year, while it is important that the large and strong companies will offer their shares.”

While the past Iranian calendar year was full of success for the TSE, the market is also preserving its successful performance in the current year, and the noticeable point in this due is that the other economic sectors are experiencing some declining trend due to the coronavirus pandemic.

We have been witnessing new record highs continuously posted by the exchange since the year start, and climbing to the peak of one million points, something almost unbelievable just some time ago, has already come true.

News No: 9518
Date: 2020/05/17 - 19:48
News Source: TehranTimes

Shasta  initial public offering  Iran stock marke  Social Security Organization  IPO 

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