5,880 billion rials behind Fenoghreh: the buy queue on its second trading day, September 23, 2026, was larger than the whole retail tranche of the IPO

Fenoghreh, the first silver bullion producer listed on Iran's exchanges, closed its second trading day (Wednesday, September 23, 2026, 1 Mehr 1405) in a buy queue: about 361 million shares bid at 16,290 rials, close to 5,880 billion rials (about 588 billion tomans) waiting behind the queue. The discovered price in the offering was 15,818 rials, about 34 percent above the 11,827 rial valuation. This report calculates how much a code that received shares in the IPO is up today, and where the buy queue stood at the last session.

The short answer: the money behind the queue is larger than all the money the retail tranche of the offering raised, but the allocation each code received was so small that an average code's paper gain at the close on September 23 was about 82,000 rials (about 8,200 tomans).

Background

Zoubgaran Rangin Felez, ticker Fenoghreh, was priced on Tuesday, September 22, 2026 (31 Shahrivar 1405) with an offering of 450 million shares, 9 percent of the company's 5 billion shares, on Iran Fara Bourse's second market. We covered the offering terms in our Fenoghreh IPO preview. According to Boursenews, citing the Fara Bourse notice, the offering had two stages: 150 million shares were auctioned to funds first; 216 funds took part and 93 bought at 15,818 rials. In the second stage 300 million shares were offered to the public at that fixed price with a cap of 600 shares per code, and 1,720,329 individual codes and 1,759 institutional codes bought.

One figure in this report's original brief has been corrected. The 15,851 rial figure some reports call the "sale price" is the per-share price printed in the Codal disclosure of Kimia Zanjan Gostaran (ticker Kimia) for the shares it sold; the discovered price public buyers paid, per the Fara Bourse notice and the first closing price in Sahmino's records, is 15,818 rials. The Codal form of Zarrin Ma'dan Asia (ticker Kzarin) also prints a per-share price of 1,851 rials, which does not agree with the same form's total of about 390,000 million rials for 24,999,998 shares; that total averages roughly 15,600 rials per share, and 1,851 appears to be a typing error in the form.

The queue and allocation figures

• Buy queue at the close on September 23, 2026: 361,025,628 shares at 16,290 rials, equal to 5,881 billion rials (about 588 billion tomans), from the order book in Sahmino's records
• Total retail tranche: 300 million shares times 15,818 rials, equal to 4,745 billion rials (about 474.5 billion tomans)
• The September 23 queue was about 1,136 billion rials, or about 24 percent, larger than the whole retail tranche; by share count, 361 million against 300 million
• Average allocation per code in the retail stage: 300 million shares divided by 1,722,088 codes, about 174 shares. This is our calculation from the Fara Bourse notice; the final per-code allocation is not in our records, and codes may have received a share or two more or less
• Cost of 174 shares at 15,818 rials: 2,752,332 rials
• Value of the same 174 shares at the September 23 close of 16,290 rials: 2,834,460 rials
• Paper gain of an average code at the close on September 23: 82,128 rials, or 2.98 percent before fees

Only 15,920,335 shares traded on September 23, less than 5 percent of the queue standing at the close. Of that volume, 15,001,453 shares, about 94 percent, were sold by institutions; individual selling was 918,882 shares spread across 5,806 codes, an average of about 158 shares per individual seller, close to the size of an IPO allocation. On the buy side, 645 individual codes bought 15,800,335 shares, and the average individual purchase was approximately 399 million rials (value estimated from volume times the closing price). These data do not show who the institutional seller was.

Drivers

How a queue forms in a small offering. When 300 million shares are spread across more than 1.7 million codes, each allocation is so small that most buyers who want a meaningful position have to buy on the board. Available supply is also thin: allocation holders sold only a few hundred thousand shares, and Fara Bourse's second market caps the daily move at 3 percent. The result is that the price rises at most 3 percent a day and the rest of the demand waits as a queue behind the ceiling.

The attached put option sets a floor for allocation holders. According to Boursenews, every second-stage buyer holds an attached put option on the number of shares allocated, with a strike 35 percent above the discovered price and expiry on September 22, 2027 (31 Shahrivar 1406): about 21,354 rials per share. The September 23 price is still about 31 percent below that level. The floor applies only to the allocated shares and only at expiry; a buyer on the board today does not get it.

The sellers in the offering carried their shares at a book cost of about 98 rials. Kimia's Codal form records the cost of its 18,750,000 shares at 1,837 million rials and a gain on sale of 288,163 million rials; Kzarin reports a cost of 2,450 million rials for its 25 million shares and a gain of 387,550 million rials. Both companies called the proceeds material relative to their forecast profit for the year to March 2027.

Outlook

At 16,290 rials, Fenoghreh's market value is about 81,450 billion rials, about 38 percent above the equity value in the valuation report (59,133 billion rials). The stock's P/E on the exchange's published EPS (1,731 rials) is 9.41, against 8.05 for the basic metals group (nightly reading of September 24, 2026). The permitted ceiling for the next session, Saturday September 26, is about 16,780 rials. Each further session at the ceiling adds about 3 percent to a code's paper gain; a queue that clears against heavy institutional selling would pull the price back toward 15,818 rials.

Conclusion

Our reading is that Fenoghreh closes above its 15,818 rial discovered price through Wednesday, September 30, as long as the buy queue stays larger than the entire 300 million share retail tranche; a close below 15,818 rials before September 30 invalidates this reading. The reading is as of September 23, 2026. Our previous call, that the offering would go ahead on September 22 without delay, held. The 5,880 billion rial queue is large, but each code's allocation was small and its paper gain on September 23 was about 82,000 rials.

What to watch

• The first-row bid volume on the Fenoghreh board in Rasad and its value (volume times price) each session
• Individual average buy and sell size, and whether institutional selling grows beyond the 15 million shares of September 23
• The gap between the close and the 15,818 rial discovered price, and the roughly 21,354 rial put strike
• Any correction Kzarin files on Codal to the per-share price of the shares it sold

For the general mechanism, read our explainer on IPOs on the Tehran Stock Exchange and how book building works.