Tehran Stock Exchange hosted an introductory session on Monday, August 24, 2026 (2 Shahrivar 1405) for the IPO of "Taban," the ticker for Taban Farda Petrochemical Group, a holding company linked to the Ahdaf Investment Group and Iran's oil industry pension fund. According to the valuation report presented at the session, the company's net asset value (NAV) has reached 960 trillion tomans (about 32,145 rials per share), and the estimated IPO share value, based on a 50 percent price-to-NAV ratio, was calculated at 16,073 rials. Company executives simultaneously spoke of an insurance-style guarantee covering a 40 percent return for IPO buyers, a claim that, according to Mehr News Agency, still needs to be checked against the offering's official notice and the exact terms of the commitment.
Background
The Taban Farda offering has been in the pipeline for close to two months. Iran's Securities and Exchange Organization announced on June 28, 2026 (7 Tir 1405) that the valuation process for the holding had been completed, when its listed-stock portfolio was estimated at around 318 trillion tomans (Sahmino, July 7, 2026). A month later, news that Vomahan (Mehr Ayandegan Financial Development Group) had cut the value of its deal to buy a 5 percent stake in Taban by 35 percent (from 425 to 275 trillion rials) raised the question of where the real value of the upcoming offering actually stood (Sahmino, July 24, 2026). Monday's session, for the first time, put the full breakdown of assets, a multi-year profit forecast, and the return-guarantee claim on the table together.
The numbers
Taban Farda has 14 direct subsidiaries and affiliates; its registered capital is 30 trillion tomans and its consolidated assets are valued at about 395 trillion tomans, while the cost basis of the investments transferred to the company (from the oil pension fund between 2014 and 2018) was only about 15 trillion tomans. The market value of its listed-stock portfolio is now estimated at around 432 trillion tomans; Persian Gulf Petrochemical Industries (ticker: Faras) is its largest listed holding at close to 62 percent, followed by Sepahan Oil at about 15 percent and Isfahan Oil Refining (Shepna) at close to 7 percent; Zagros, Pardis and Fanavaran petrochemicals and Maroon petrochemical also appear among its listed assets. Its unlisted assets, valued at 39 to 42 trillion tomans on a cost basis, are made up mainly of National Iranian Tanker Company (close to 40 percent), Kangan Petro Refining (about 31 percent) and the Basic Petroleum Equipment Construction Management and Coordination Company, known as "Sama" (about 15 percent).
The company says it has 11 development projects under way with a combined investment of about 5 billion euros; the value of projects already operational is put at close to 7 billion dollars, and the group's nameplate capacity for its core products is cited at about 5.7 million tonnes, with more than 90 percent physical progress on most of these projects. Taban Farda's net profit was about 21 trillion tomans in the Iranian year 1404 (2025/26) and is forecast at close to 24.8 trillion tomans for 1405 (2026/27); according to the forecast financial statements presented at the session, the company's net profit is projected to rise from about 420 trillion rials in 1406 (2027/28) to more than 3,218 trillion rials in 1409 (2030/31), a roughly 7.6-fold increase over that span, alongside a projected drop in financial costs from about 81.8 to 19.7 trillion rials. Half of the proceeds from the IPO are earmarked for the market maker, to support the stock's liquidity after listing.
Drivers
At the session, the major shareholder raised the subject of insuring, or backstopping, a 40 percent return for IPO buyers; executives said political risks and events such as war are also covered through insurance arrangements with Alborz Insurance and Ma Insurance. At the same time, part of the pre-IPO shareholding structure has changed: until the end of last year, nearly all of Taban Farda's shares were held by Ahdaf Investment Company, but ahead of the offering, 5 percent was transferred to Mehr Ayandegan, 5 percent to Razavi Investment, and 1 percent to Navid Fars. Executives also cited the Kangan Petro Refining project, with close to 3 billion dollars of investment and feedstock supplied via the direct line from South Pars Phase 12, as one of the most important drivers of the company's future profit growth.
Outlook
The claimed 40 percent return guarantee, per Mehr News Agency's report, still needs to be checked against the offering's official notice, the exact terms of the commitment and the published documents; without confirming the legal and operational details, it cannot be treated as a guaranteed return. The final IPO price is also not yet set: the 16,073-rial figure is the valuation report's estimate, not the price that will emerge from Tehran Stock Exchange's price-discovery and book-building process (for how that mechanism works, see Sahmino's explainer on IPOs and book-building on Tehran Stock Exchange). About 70 percent of the company's NAV is also concentrated in two assets, the Persian Gulf Petrochemical holding and Kangan Petro Refining; according to the CEO, Maroon Petrochemical's profit has not been included in the current profit forecast because its assembly has not yet been held, and close to 10 trillion tomans of Taban's share of National Iranian Tanker Company's profit is likewise not yet reflected, meaning the 24.8-trillion-toman 1405 profit forecast may have room to rise. On the other side, achieving the projected 7.6-fold profit growth by 1409 depends on the timely completion and startup of the development projects, global product prices, and the company's debt management.
Bottom line
With a heavy listed-stock portfolio topped by a 62 percent stake in Persian Gulf Petrochemical, and a forecast 7.6-fold rise in net profit by 1409 (2030/31), Taban Farda officially entered the threshold of one of the largest IPOs in Tehran Stock Exchange's history on Monday. The key point is that the 960-trillion-toman valuation and the estimated 16,073-rial share price are not the end of the story: the final price will be set by price discovery on the exchange, and the claimed 40 percent guaranteed return remains, until the official offering notice is published, a promise announced at an introductory session, not a finalized commitment.
What to watch
- Publication of the offering's official notice and the exact terms of the 40 percent return-insurance coverage.
- The official date of price discovery and book-building for Taban on Tehran Stock Exchange, and how it compares with the estimated 16,073-rial valuation.
- Whether Maroon Petrochemical holds its assembly and approves a dividend, which could add to Taban Farda's profit forecast.
- Progress on Kangan Petro Refining, which is slated to come on line within seven to eight months under the company's stated timeline.
Follow upcoming economic events and shareholder assemblies on Sahmino's economic calendar, and track Faras's live price on Sahmino's price board.
