Millions Own A Construction Co. In Tehran's Bourse
A new company was listed in Tehran Stock Exchange: Omid Construction and Development Co. went public on Wednesday, 9 September 2020.
The initial public offering of 5 billion and 297 million and 550 thousand shares, representing 15% of total equities of Omid Construction and Development Company (OCDC) was held on Tehran Stock Exchange (TSE) – a member of Federation of Euro-Asian Securities Exchanges (FEAS). Out of total floated equities, 4 billion and 238 million and 40 thousand shares were offered to the public on the first trading day, and 1 billion and 59 million 510 thousand shares is being offered to the investment funds, on Saturday 12 September 2020.
After the price discovery carried out through book-building method, the equities were traded at IRR 1750 per share. As the 343rd company listed on Tehran Stock Exchange, OCDC increased TSE’s total market capitalization by IRR 61804 billion.
Omid Construction and Development Co. carries out its main investment in agricultural and natural resources economic activities and related conversion and entrepreneurial industries, as well as construction activities. The newly listed company's main concentration is currently on the construction of residential, business, accommodation, commercial, and tourism units.