ITC Entry into Stock Exchange

After a year when the ITC privatization started, it's shares IPO initiated in Tehran Stock Exchange in 9th of August

In this day, 5% of ITC shares (2, 293 bn) were offered in order to determine the share price, and at 13 o'clock, the shares were priced at 1500 Rials each. Within 8 minutes, all the shares were sold; 60% of which were purchased by legal companies. Such fast selling has been unprecedented in Iran's Exchange history.It is reported that insurance companies and SSIC (Social Security Investment Company ) have also bid 480m tomans for the ITC shares. Total value of the shares is over 104bn tomans. Telecoms officials expressed their satisfaction with the process of selling shares in the first day. 20% of the shares will be owned by the government, another 20% will be offered as Justice Share, and 5% will be sold to ITC's employees. The rest of the shares (51%) will be offered as 10% 20% blocks. Feizi – ITC CEO – has not yet made final decision about these 51% of shares. But Gholami – Privatization Company Vice-president – has estimated these shares' price at 180 to 250 tomans each

It is notable that ITC is 7th largest state – owned company in Iran, which has been listed in stock Exchange based on article 44