By Ramy Sameeh
Muscat-Mubasher: Tehran Stock Exchange (TSE) targets 12 new initial public offerings (IPOs) annually after the lifting of sanctions imposed earlier by Western powers against the country.
On the sidelines of a conference held in Muscat on Wednesday, the bourse's Chief Executive Officer Hassan Ghalibaf Asl told Mubasher that the local market became more open now and seeks to list more companies in the coming years especially after the lifting of sanctions.
In January, the U.S., European Union and UK dropped the sanctions imposed on Iran in return for its compliance with the agreement to curb its nuclear ambitions.
"A local petrochemical company was listed last month, and we expect more listings over the next period," the CEO said.
Fajr Petrochemical was listed on 17 February after having floated 200 million shares, or nearly 8% of capital.
"We have regulations allowing foreign companies to list their shares, and any company planning to list its shares should first register at the regulatory authority," Ghalibaf said.
Analysts said Tehran's bourse is moving towards more diversity through IPOs and the expected privatisation process in the next two or three years.
The CEO also said all listed companies are currently local ones, and TSE will seek to list foreign firms in the next period.
"There are negotiations over cross listing with Borsa İstanbul for companies of both countries," Ghalibaf said. "A delegation from Istanbul will visit Tehran next week for consultations in this regard."
Translated by Abdul Maguid Aboshahla
