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Iran's Securities and Exchange Organization said on Saturday, June 28, 2026 (7 Tir 1405) that the steps needed to float shares of Taban Farda Petrochemical Group are complete and its valuation process has finished; the deputy for oversight of exchanges and issuers said the offering is now planned within the following two weeks (by roughly July 12, or 21 Tir), according to Taadol newspaper and Eghtesad Online. Mehdi Abouri, CEO of Ahdaf Investment Group (Taban Farda's sole owner), has called the offering the largest transaction in Tehran Stock Exchange history by rial value, describing it as a key pillar for financing the real economy through the bourse (per Oil Industry Investment Company).
Background
Taban Farda is the main petrochemical and oil investment arm of Iran's Oil Industry Employees' Pension Fund, held entirely through Ahdaf Investment Group. The offering was originally planned before the start of the Islamic month of Muharram 1447 AH, but the valuation process for a company this large took longer than expected, pushing the timeline into Tir (the Iranian month spanning late June to late July 2026). Under Article 102 of Tehran Stock Exchange's trading regulations, issuers may set aside a preferential portion of a new offering for their own employees and retirees; Ahdaf Investment Group says up to 5% of Taban Farda's offered shares will go to oil-industry retirees under this rule, with the cost recovered over 24 months as an interest-free (qarz-al-hasaneh) deduction from pension payments.
Key figures
| Item | Figure | Date / source |
|---|
| Share of Taban Farda being offered | 5% of the group's shares | Ahdaf Investment Group |
| Listed portfolio value (stakes in exchange-listed subsidiaries) | ~318 trillion tomans (~3,180 trillion rials) | Ahdaf Investment Group CEO |
| Taban Farda's registered capital | 30 trillion tomans | Group's latest financial statement |
| Stake in Persian Gulf Holding | 26% | Disclosed shareholding structure |
| Stake in Naft Sepahan | 66% | Disclosed shareholding structure |
| Stake in Zagros Petrochemical | 19% | Disclosed shareholding structure |
| Stake in Marun Petrochemical | 16% | Disclosed shareholding structure |
| Preferential allocation cap for oil-industry retirees | Up to 5% of offered shares | Article 102, TSE trading regulations |
| Announced offering window | Within two weeks of June 28 (by ~July 12, 2026) | Deputy for oversight of exchanges and issuers, June 28, 2026 |
Based on the disclosed portfolio value (about 318 trillion tomans), a 5% offering could move roughly 15,000 to 16,000 billion tomans of stock; this is a calculation derived from the portfolio's disclosed value, not an official offering figure, since the Exchange Organization has not yet announced Taban Farda's final base share price, which may differ from the portfolio's asset value.
Drivers
Two factors together make this offering unusual in Tehran Stock Exchange history. First, Taban Farda's asset mix: the holding is a major shareholder in several listed petrochemical and refining giants, including Persian Gulf Holding, Naft Sepahan, Zagros Petrochemical, Marun Petrochemical and Petrokharj Petrochemical, a combination that makes its portfolio one of the largest not-yet-listed assets in Iran's capital market. Second, the preferential mechanism for retirees: citing Article 102 of the trading regulations, part of the offering is financed without an immediate cash outlay, through interest-free installments deducted from oil-industry retirees' pension payments, a mechanism previously used for other pension-fund subsidiaries and now repeated at a larger scale.
Outlook
Sahmino offers no prediction or recommendation on how Taban Farda's share price will move after listing or on its future profitability. What the available data show is that completing the valuation process removes the last formal hurdle before this offering, and if it proceeds within the announced window, Taban Farda would hold the record for the largest IPO in Iranian capital market history by rial value, a record currently held, by participant count (roughly 2.07 million), by the IPO of Shasta (Social Security Investment Company) in Farvardin. These are two different records measured on two different yardsticks (rial value versus participant count) and are not necessarily the same milestone.
What to watch
- The Securities and Exchange Organization's official announcement of the exact offering date and base price, not yet published.
- The final registration procedure for oil-industry retirees claiming the 5% preferential allocation, and the timeline for pension deductions.
- How Taban Farda's listed subsidiaries, including Persian Gulf Holding and Naft Sepahan, trade in the days around the offering.
- Actual retail investor participation on offering day, as a comparison point against Shasta's prior record.
The above are offered for monitoring and awareness only and do not constitute advice to buy, sell, or subscribe to this offering.
Disclaimer
This report is for informational and educational purposes only and does not constitute investment advice. All figures carry a specific as-of date and may have changed by the time of reading; verify information against official, up-to-date sources before making any financial decision.
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