The Social Security Investment Company (Shasta), a subsidiary of the state-run Social Security Organization, sold $400m worth of shares in mid-April, in the largest initial public offering (IPO) in the Tehran Stock Exchange (TSE)’s history. The flotation represented 10% of the company’s equity; 6.7bn shares were sold to the public on 15 April and a further 1.3bn shares to investment funds three days later. Just over 2m investors subscribed to shares in the IPO, priced at IR8,600 a share. Shasta has investments in numerous industries, including petrochemicals, refining, pharmaceuticals, agriculture and financial services.
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