According to a statement from Shastan Commercial Investment Company's
public relations department reported by NIPNA, Davood Abbasi, the CEO of
Shastan Commercial Investment Company, stated that the company, as a
diversified holding in the country, plans to offer shares of two of its
subsidiaries this year.
"One of the most important programs of this company is to offer
Shastan shares in the capital market, which, in addition to providing financial
resources for project development, will also help diversify the company's
investment portfolio," said Abbasi.
He added, "The offering of shares in the capital market can lead
to financial transparency and credibility in the market as a diversified
financial holding, and provide access to various market-based financial
instruments, including the possibility of establishing funds, capital
procurement, and issuing securities as a financial institution."
Abbasi noted that the pursuit of this matter began at the beginning of
the Iranian calendar year of 1402 (March 21, 2023), and the efforts yielded
results within eight months. "In the month of Khordad of the past year, we
were transformed into a public company, and in the month of Mordad (July -
August 2023), we were accepted as a financial institution by the Securities and
Exchange Organization," he said.
"In Bahman (January - February 2024) of the past year and
coinciding with the blessed Fajr Decade, we were accepted as the 612th issuer
in the stock market in the multidisciplinary industrial companies sector, under
the symbol 'Shastan'," Abbasi continued.
Abbasi emphasized that based on estimations of Shastan shares
valuation, it is likely to be the largest initial public offering in the
country's capital market history. "If market conditions are favorable,
Shastan shares will be offered soon," he concluded.