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Shastan Plans IPO if Market Conditions Favorable

Shastan Plans IPO if Market Conditions Favorable
(Monday, April 8, 2024) 15:44

TEHRAN (NIPNA) -- Shastan Commercial Investment Company's CEO has announced that if market conditions are favorable, the company will soon initiate the initial public offering (IPO) of Shastan shares.

According to a statement from Shastan Commercial Investment Company's public relations department reported by NIPNA, Davood Abbasi, the CEO of Shastan Commercial Investment Company, stated that the company, as a diversified holding in the country, plans to offer shares of two of its subsidiaries this year.

"One of the most important programs of this company is to offer Shastan shares in the capital market, which, in addition to providing financial resources for project development, will also help diversify the company's investment portfolio," said Abbasi.

He added, "The offering of shares in the capital market can lead to financial transparency and credibility in the market as a diversified financial holding, and provide access to various market-based financial instruments, including the possibility of establishing funds, capital procurement, and issuing securities as a financial institution."

Abbasi noted that the pursuit of this matter began at the beginning of the Iranian calendar year of 1402 (March 21, 2023), and the efforts yielded results within eight months. "In the month of Khordad of the past year, we were transformed into a public company, and in the month of Mordad (July - August 2023), we were accepted as a financial institution by the Securities and Exchange Organization," he said.

"In Bahman (January - February 2024) of the past year and coinciding with the blessed Fajr Decade, we were accepted as the 612th issuer in the stock market in the multidisciplinary industrial companies sector, under the symbol 'Shastan'," Abbasi continued.

Abbasi emphasized that based on estimations of Shastan shares valuation, it is likely to be the largest initial public offering in the country's capital market history. "If market conditions are favorable, Shastan shares will be offered soon," he concluded.

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