Shekimia1: 1.35 billion shares in one day (Wednesday, September 30, 2026)

Kimia Polyester Qom is a company whose shares are 99.9 percent held by one individual shareholder, and on Wednesday, September 30, 2026 (8 Mehr 1405), nine percent of it goes on offer on Iran Fara Bourse's second market; the money buyers pay goes to the seller, not to the company.

On Wednesday, Shekimia brings 1.35 billion shares to market at once: three times the Fenoghreh offering that built a buy queue just last week. This time each code's allocation could be three times larger, but only if one number turns out right.

Background

According to Sedaye Bourse, citing Iran Fara Bourse's official notice (published September 27, 2026), Kimia Polyester Qom has 15 billion shares, and 9 percent of them, or 1,350 million shares, will be offered under the trading symbol "Shekimia1" by the combined method. The same notice names Mohammad Moghaddam as the offering party: the shares are being sold by the major shareholder, and the company is issuing no new shares. Eghtesad Online also described the offering as being made "by the major shareholders." The offering adviser is Aban Brokerage and the purchase underwriter is Omid Investment Bank.

Codal shows the concentration too: in the attendance list of the extraordinary general meeting of February 17, 2026, Mohammad Moghaddam held 1,999,904,576 of the company's 2 billion shares at the time, more than 99.9 percent. At the September 26 introduction session, the deputy board chair gave 99.9 percent according to Mehr News Agency, while Sarmaye va Bourse's report of the same session wrote "about 99.5 percent." If that structure is unchanged on offering day, his stake falls to about 91 percent after the 9 percent sale.

This is the second yarn and fiber producer to list and the year's twentieth IPO, after Fenoghreh. We covered the previous offering in our Fenoghreh IPO report.

The offering and each code's share

• Stage one: 450 million shares (3 percent) by auction to equity, mixed and fixed-income funds, with a cap of 5,625,000 shares per code. More than one order is allowed.
• Stage two: 900 million shares (6 percent) at a fixed price equal to the stage-one discovered price, capped at 1,800 shares per individual or institution.
• Valuation: 4,310 rials per share; total company value 6,464 billion tomans.
• Attached put option: according to Tahlil Bazaar and iSignal, stage-two buyers hold an attached put option on their allocated shares, with a strike 35 percent above the discovered price, expiring October 2, 2027 (10 Mehr 1406).

Compared with Fenoghreh (Sahmino records and the Fara Bourse notice): that offering was 450 million shares, its public stage was 300 million shares with a 600-share cap, and 1,722,088 codes bought. Here the total offering, the public stage and the per-code cap are all three times larger.

Per-code arithmetic (Sahmino calculation, before fees):

• The full 1,800-share cap at 4,310 rials: 7,758,000 rials, about 776,000 tomans.
• If about one million codes take part: about 900 shares, about 388,000 tomans.
• If turnout matches Fenoghreh (about 1.72 million codes): about 523 shares, about 225,000 tomans.
• Scenario, not a forecast: if funds discover a price about 34 percent above the valuation, as in Fenoghreh, the price becomes about 5,775 rials and the same 523 shares are worth about 302,000 tomans.

At 4,310 rials buyers pay about 582 billion tomans in total, and about 780 billion tomans in the 5,775-rial scenario; that money goes to the seller.

Drivers

What the company sells. According to the audited financial statements for the year ended March 20, 2026 (the amended filing on Codal, September 23, 2026), operating revenue was 37,312,626 million rials (about 3,731 billion tomans) and net profit 11,184,688 million rials (about 1,118 billion tomans). But of the 13,993,664 million rials of operating profit, 7,079,480 million rials, about 51 percent, was the "other income" line, not product sales. In the three months ended June 21, 2026 (unaudited), operating revenue was 11,283,674 million rials and net profit 3,247,623 million rials, with other income at about 33 percent of operating profit.

Where the valuation comes from. According to Mehr, the valuer (Omid Investment Bank) averaged four methods with equal weights: FCFE about 3,565 rials, DDM about 3,101 rials, the multiples method 8,533 rials, and net asset value of 3,050 billion tomans, which over 15 billion shares is about 2,033 rials per share (Sahmino calculation). So 4,310 is the average of a range from about 2,000 to 8,500 rials, lifted by one method alone. On 2025/26 net profit and the current 15 billion shares, earnings per share are about 746 rials and the P/E at 4,310 is about 5.8; total value to 2025/26 operating revenue is about 1.7. Both ratios are Sahmino calculations from the financial statements, not reported figures.

Where last year's profit went. The annual general meeting of July 22, 2026 approved a cash dividend of 1,539 rials per share, 10,003,500 million rials in total and 89.42 percent of profit; under the ownership structure at the time, almost all of it went to the major shareholder. Capital has since risen from 650 billion tomans at that meeting to the current 1,500 billion tomans.

Expansion is still under way. According to Hamed Moghaddam, deputy board chair, at the September 26 session, the yarn expansion project is 35 percent complete with trial operation targeted for Dey 1406 (December 2027 to January 2028), the 3.3 MW solar plant came online this year, and nameplate capacity reached about 26,000 tonnes with a new unit from August, though he said operating capacity may be lower. More than 85 percent of output is exported. On raw materials, two reports of the same session disagree: Mehr wrote more than 80 percent comes from recycling, while Sarmaye va Bourse wrote 75 to 80 percent comes from petrochemical products. Until the prospectus settles this, the company's cost sensitivity to petrochemical prices cannot be measured with confidence.

Outlook

For a stage-two buyer, two numbers hinge on the stage-one discovered price: the rial size of each code's allocation and the put option floor set 35 percent above that same price. In Fenoghreh the discovered price was 15,818 rials, about 34 percent above valuation, and the stock reached 17,780 rials by the end of the September 28, 2026 session (provisional board price), 12.4 percent above the discovered price. What sets Shekimia apart is size: three times as many shares to absorb, from a single seller, in a company that drew half of its 2025/26 operating profit from outside product sales.

Bottom line

Our reading: Shekimia's stage-one discovered price settles above the 4,310-rial valuation, as long as funds bid above valuation as they did in Fenoghreh; a discovered price at or below 4,310 rials in the September 30, 2026 offering invalidates this reading. It is based on September 28, 2026. Our previous Fenoghreh reading (a close above 15,818 rials through September 30) is holding as of September 28 at 17,780 rials. The higher the discovered price, the more money reaches the seller, not the expansion project that is 35 percent complete.

What to watch

• The gap between discovered price and valuation: the same comparison you can see on the Fenoghreh board in Rasad (15,818 against 11,827 rials), repeated for Shekimia on Wednesday against 4,310 rials
• The number of buying codes in stage two and the final per-code allocation in the Fara Bourse notice
• The prospectus text on raw material sources and the "other income" line
• Buy and sell queues and institutional selling in the first sessions