EghtesadOnline: Stock market regulators cancelled initial public offerings from two companies reportedly due to unfitting market conditions.
The companies were Rail Pardaz Industrial Group, a big private railroad company, and Sarmayeh Madar Management Services company, an investment arm affiliated to the state-owned Bank Melli Iran. The former IPO was cancelled for the second time.
Both the Tehran Stock Exchange and the junior stock market Iran Fara Bourse published cancellation notices on their websites late on Tuesday.
The two companies joined a growing list of firms to cancel listings this year amid other disappointing debuts.
Tapping into the upbeat mode in the bourse in the first half of the fiscal year (March-Sept. 2020), companies went public and delivered good returns via secondary trade. With the stock market in a tailspin after that the IPOs declined significantly.
In a last listing on Feb. 26 Opal Kani Pars Mineral Processing Company was not welcomed and 2.7 million investors took part. The figure was almost half the record investor turnout in IPOs.