Exchange & Stocks
Yazd Rubber Industries Complex, a major tire producer in central Iran, offered 10% of its shares in an initial public offering on the junior equity market Iran Fara Bourse on Wednesday.
The offer comprised 40.8 million shares with each share tagged at 40,353 rials, according to a notice on the IFB website.
The company was able to raise 1.64 trillion rials ($10 million) through the IPO as the listing was well-received by investors with an unprecedented 3.07 million trading codes participating.
Orders were placed through book-building method, which is a process by which an underwriter seeks to determine the price at which an IPO will be offered. Price discovery involves recording investor demand for shares before arriving at an issue price.
The company was founded in 1985 and manufactures tires and tubes for light trucks, cars, motorcycles and bicycles.
The IPO was the third of its kind at Iran Fara Bourse since the beginning of current fiscal year on March 20.
As announced by the deputy head of Iran Small Industries and Industrial Parks Organization (ISIPO), some 1,500 idle small and medium-sized enterprises (SMEs) are planned to be revived throughout the country by the end of the current Iranian calendar year (March 20, 2021), IRNA reported.
The head of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) called on the government to increase the number of initial public offerings (IPOs) in the country’s stock exchange, IRNA reported on Tuesday.
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.
Bermuda-based shipowner Gaslog expects scheduled deliveries of newbuild LNG carriers to be delayed this year because of production issues at shipyards.
There are signs that IMO-compliant marine fuel is becoming more widely available in ports around the world, with shipowners filing fewer non-availability reports.
Bermuda-based LNG shipowner Gaslog Partners has seven vessels rolling off term charters this year that will operate on the spot market unless the firm can secure new charterers.