Iran’s Taban Farda Petrochemical Group made its debut on the Tehran Stock Exchange (TSE), with 2% of its shares, equivalent to 6 billion shares, offered to the public.
The IPO attracted around 2.01 million investors, prompting the company to increase the offering from an initial 1.5% allocation. CEO Amir Gharanli said the company expects to distribute at least 70% of its annual profit and plans a capital increase of at least 100% from retained reserves.
Taban Farda also plans to list several subsidiaries, including Kangan Petro-Refinery, Frasco Assaluyeh and Nakhl Asmari, while Morvarid Petrochemical and Jey Oil Refining are also being prepared for potential entry into the capital market.