Plant Breaks Record in IPO

Noori Petrochemical Plant, whose stocks were quoted in the Iranian stock market in its initial public offering (IPO), broke a new record as over 560,00 traders were involved in trading its shares on Saturday.

ccording to the Persian Gulf Petrochemical Industries Company (PGPIC), during the first hours of the Saturday session of the market, Noori Petrochemical Plant’s stock market launch registered a new record as over 562,000 unique trading codes participated in the IPO.

The company’s stocks began at IRR 31,250 and each code could purchase a maximum of 533 shares.

Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors.

source: Farsnews