Ako Battery to List on Tehran Stock Exchange Wednesday, August 19, in a 29,206 to 32,934 Rial Price Range; Underwriter Values the Company at About 37,000 Billion Tomans

Ako Battery Iranian, the 11th new company to join the Tehran Stock Exchange in the Iranian year 1405, begins trading Wednesday, August 19, 2026 (28 Mordad 1405), through an IPO of 4 percent of its shares. According to a Bourse News report published Monday, August 17, 2026 (26 Mordad 1405), the per-share price range has been set at 29,206 to 32,934 rials, and 400.8 million shares will be allotted to the public through book-building (a Tehran Stock Exchange order-registration method that discovers price step by step). Each trading code's allotment has been set at 1,500 shares, which may be reduced if demand is high. The offering falls on the same day Tehran's benchmark TEDPIX index, per Iran Market Pulse, Midday Monday, August 17, 2026, jumped 2.28 percent to a fresh record of 5,897,949 points.

Background

Ako Battery's business began in 1361 (1982/83) with the founding of the Ashja trading company in the battery sector, and the company was formally registered in 1389 (2010/11). It became the country's largest battery distributor in 1392 (2013/14), launched an automotive-battery plant in 1397 (2018/19), and began producing industrial batteries too in 1400 (2021/22). According to chief executive Mehdi Ashja, the company now makes three product lines: industrial batteries of 4.5 to 200 amp hours, automotive batteries of 35 to 225 amp hours, and motorcycle batteries of 5 to 9 amp hours, and it sources about 97 percent of its needed raw materials domestically. Ako Battery received "innovator" level knowledge-based certification in 1402 (2023/24) and the highest level, "technologist," for automotive batteries in 1404 (2025/26), and it now exports to Iraq, Afghanistan and Russia. The company says it employs more than 1,400 people with an average age of 31. (For how an IPO and book-building work on the Tehran Stock Exchange, see IPOs on the Tehran Stock Exchange: How Book Building Works.)

Key numbers

• The company's registered capital is 1,000 billion tomans (Iran's currency unit, equal to 10 rials), split equally among three main shareholders (company statement, August 17, 2026).
• 4 percent of shares, equal to 400.8 million shares, is offered Wednesday, August 19 through book-building; the per-share price range is 29,206 to 32,934 rials (Bourse News, August 17, 2026).
• At this price range, and using the company's full share count of about 10.02 billion shares (derived by dividing the offered volume by its 4 percent stake), Ako Battery's market value on offering day works out to roughly 29,264 to 33,000 billion tomans; this is Sahmino's own reading of the two official figures, not a number the source itself stated.
• The offering's underwriter, Tamdon Capital, blending discounted cash flow (DCF), price-to-earnings (P/E) and net asset value (NAV) methods, estimated the company's total value at about 37,000 billion tomans; by Sahmino's calculation, the offering price therefore sits roughly 11 to 21 percent below that estimate.
• Under the underwriter's conservative budget, 1405 operating revenue is forecast at about 17,000 billion tomans and net profit at more than 6,000 billion tomans.
• The company's nameplate production capacity is about 2.8 million battery units a year, and Ako Battery currently runs at only 50 to 60 percent of that capacity.
• Its 1405 production and sales target is about 1.44 million automotive batteries and more than 732,000 industrial batteries.
• The maximum cash needed per trading code, at the initial 1,500-share allotment, is estimated at about 5 million tomans.

Drivers

Ako Battery is the 11th company to list on the Tehran Stock Exchange in 1405, in a season when the benchmark index keeps setting fresh records and appetite for IPOs is strong; Ehya, the newest Fara Bourse listing on 19 Mordad, traded about 36 percent above its discovered IPO price within just two sessions, and the same weeks saw other Tehran Stock Exchange offerings such as Noosh Mazandaran and Silva, One Day, Two Different Paths Into Iran's Capital Market. According to the underwriter, Ako Battery's main reason for going public is that it runs at only 50 to 60 percent of nameplate capacity and can expand production and sales without heavy new investment in fixed assets; proceeds are earmarked for completing its production chain and developing export markets. On the risk side, the chief executive cited dependence on imports for part of its raw materials and additives, exchange-rate volatility and its effect on production cost, possible delays in foreign-currency allocation, and the auto industry's gradual shift toward electric and hybrid vehicles, which reduces long-term demand for lead-acid batteries.

Outlook

The underwriter says the company's production and sales growth path is projected out to the year 1411 (2032/33), and that its earnings quality is favorable, helped by the use of recycled lead ingots and a growing share of industrial batteries in its sales mix. Like any estimate issued by an underwriter or company management ahead of an IPO, this outlook is a forecast, not a guarantee; Ako Battery's price behavior in its first trading sessions, as Ehya's experience on Fara Bourse showed, could diverge from these estimates.

Bottom line

Ako Battery Iranian's Wednesday, August 19, 2026 IPO, priced at 29,206 to 32,934 rials a share with a 1,500-share allotment per trading code, marks the Tehran Stock Exchange's 11th new listing of 1405. The key point of this offering is the gap between its market value at the announced price range and the underwriter's 37,000 billion toman estimate, a gap commonly seen ahead of a Tehran Stock Exchange IPO. Worth remembering: the final price range and the exact subscription method have not yet been published in the Securities and Exchange Organization's official notice and could still change.

What to watch

• The Securities and Exchange Organization's official notice on the final price range, the exact subscription method and the per-code allotment in the coming days.
• Ako Battery's price behavior in its first trading sessions after Wednesday, August 19, compared with Ehya's buy-queue pattern on Fara Bourse.
• Whether the 1,500-share per-code allotment gets reduced if subscriber demand runs high.
• Ako Battery's official financial statements on Codal after listing, to check the accuracy of the 17,000 billion toman revenue and more than 6,000 billion toman net profit forecasts.