Chemical Producer Floated Equities On Tehran Stock Exchange

Initial public offering of Jam Polypropylene Company (JPPC) raised Tehran Stock Exchange (TSE)'s market capitalization about IRR 45,000 billion.

JPPC floated 200 million equity shares (10 percent of the total) at TSE after price discovery through book-building mechanism on 17 June 2019.

The stock was traded at IRR 22,500 each on the first trading session after its IPO. The newly issued share increased TSE's market capitalization to above IRR 9,000 trillion. Total number of 468,000 investors received their quotas of the share offering.

JPPC is a supplier of 300,000 tons of polypropylenes in different grades, exporting around 30% of its products to 15 countries worldwide.