Fakour Lists Tomorrow: a 35% Put Floor for Second-Stage Buyers, and a Price That Keeps the P/E Under 4 (Monday, October 12, 2026)

Shares of Tehran Fakour Sanat Engineering, ticker Fakour, go on offer tomorrow, Tuesday, October 13, 2026, on Iran Fara Bourse's second market, and the offering carries one important feature for retail buyers: every share allocated in the second stage comes with a put option whose strike is 35 percent above the price discovered that same day, valid until October 13, 2027. This report asks two questions: what is that floor worth, and how high can tomorrow's price go before Fakour stops being cheap? The short answer: the 35 percent floor is insurance against loss, not a guaranteed gain, because it is lower than the 43 percent risk-free rate; and Fakour stays cheap only while the discovered price does not rise above about 4,640 rials.

Background

Fakour Sanat has worked for more than 33 years in engineering, construction and execution of industrial and mining projects, builds projects across the iron ore, sponge iron and steel chain, and its major shareholder is Namad Sanat Pars Group. The company's registered capital is 7,000 billion tomans, or 70 billion shares of 1,000 rials. A week ago Sahmino read the investor-briefing figures in its report on Fakour's pre-IPO valuation; Fara Bourse has since announced the method and terms of the offering.

Offering terms, based on Fara Bourse's notice (as reported by Mehr News Agency on October 10, 2026, and Khabaronline on October 7, 2026):

Key figures

The company's own monthly activity report for Shahrivar 1405 (the month to September 22, 2026), filed on Codal under tracking number 1606079, gives this picture. Amounts are converted from Codal's million rials to billion tomans:

• Revenue for the first six months of 1405: 33,365.3 billion tomans, 88.2 percent of the whole 1404 revenue in the same report (37,827.5 billion tomans for the year to March 2026).
• Shahrivar revenue alone: 13,154.0 billion tomans, that is 39.4 percent of six months' revenue in one month.
• Steel-making projects year to date: 23,116.2 billion tomans, 18 percent more than the whole of that line in 1404 (19,557.3 billion tomans) and close to 69 percent of six months' revenue.
• Concentrate sales year to date: 2,339.8 billion tomans, about 7 percent of revenue.
• Valuer's estimate: equity value 24.8 trillion tomans and forecast 1405 net profit of about 6.5 trillion tomans; forecast P/E at 3,544 rials about 3.8, and about 3.6 on the 6.8 trillion toman profit of 1404 (investor briefings, October 4 and 5, 2026).

The 1404 revenue in the monthly report is not the same figure as the 53 trillion tomans quoted at the investor briefing; the comparison above is made only within the monthly report itself.

For scale, in the overnight reading of Sahmino's screener (October 12, 2026), the five names in the technical and engineering services group with a positive trailing P/E rank as follows: Rampna 4.7, Rnik 7.9, Kayson 10.6, Ratko 38.0 and Khfola 99.8; the median of the five is 10.6. Fakour's P/E is a pre-listing estimate while these five come from past financial statements, so the comparison gives a direction, not a verdict.

Money needed. The full 4,200 share allocation at the valuation price costs 1,488,480 tomans before fees, but the real price is set in stage one. The 2.1 billion second-stage shares give every account its full allocation only if 500,000 accounts or fewer take part; with 1.7 million accounts, each would get about 1,235 shares, close to 438,000 tomans at the valuation price. These scenarios are our arithmetic, not the offering's result.

Drivers

The put floor. The second-stage price equals the discovered price and the strike is 35 percent above that same price, so for every second-stage buyer the floor is 35 percent above what they paid, whatever number is discovered tomorrow. If the discovered price is the 3,544 rial valuation, the strike becomes 4,784.4 rials. Taban is the nearest precedent for this mechanism: it was offered at 12,800 rials and on September 29, 2026 closed at 21,780 rials, 21.5 percent above the 17,920 rial strike of its put (our Taban report).

Revenue growth. 88 percent of last year's revenue was earned in six months, and steel-making has already passed last year's total. This growth is nominal and part of it is inflation, but its direction matches the valuer's profit forecast.

A small float. Only 4 percent of the company is floated, with two market-making funds behind the ticker; in the first sessions few shares sit with retail holders to sell. Zeshk, one of this month's listings, rose 12.3 percent over its first five sessions (October 5 to 11, 2026); one case does not make a rule.

Outlook

A floor below bonds. 35 percent over one year is less than the risk-free rate Sahmino records daily: 43.0 percent on October 11, 2026. So the worst case of holding the share and exercising the put returns less, in nominal terms, than risk-free paper. The floor's real value is that it caps the loss; any gain beyond it has to come from the share itself.

The floor's conditions. The floor reaches only second-stage buyers and only for their allocated shares. The put is exercised together with the share itself, so whoever sells the share before maturity loses the floor too, and a share bought later on the board does not carry it.

The discovered price. Every rial higher in stage one lifts the P/E: at 4,640 rials the market value reaches 32.5 trillion tomans, the forecast P/E reaches 5, and Fakour's gap to Rampna (4.7) disappears.

Quality of revenue. More than 86 percent of forecast 1405 revenue comes from contracting (valuer's report), and 39 percent of six months' revenue was booked in Shahrivar; contracting revenue is recognised as projects progress and is not even from month to month. Ecoiran (October 11, 2026) called the valuation conservative, but also called the valuation of future contracts uncertain. Compared with Fasap, whose offering band sat 21 to 30 percent below its valuer's estimate, Fakour has no preset gap to its estimate; tomorrow the funds will set it.

Concentrated ownership. 96 percent of the shares stay with the major shareholder, and any later sale by it will weigh on the board.

Bottom line

Sahmino's reading: Fakour closes above its 3,544 rial valuation through its first ten trading sessions; condition: the stage-one discovered price stays below 4,640 rials, that is a forecast 1405 P/E under 5; horizon: the first ten trading sessions; invalidation: a closing price below 3,544 rials. Sahmino's desk has no call on Fakour, because the ticker does not trade yet; this reading rests on the evidence in this report. For a second-stage buyer the 35 percent put floor is insurance against loss, not a promise of a return above bonds.

What to watch

• The stage-one discovered price against 3,544 and 4,640 rials.
• The number of participants and the final allocation per account, announced after the offering.
• The put option's ticker and final strike once it is listed.
• The Mehr monthly activity report on Codal: does Shahrivar's jump repeat?
• The close of each of the first ten sessions against 3,544 rials.

Build the same comparison yourself in Sahmino's screener: choose the technical and engineering services group, set a trailing P/E above zero and sort ascending; once Fakour files its first statements, measure it beside Rampna.

Terms

• Combined method: part of the shares discovers the price in an auction among funds, and the rest is offered to everyone at that same price.
• Put option (tabaei): the right to sell the share at a set price at maturity, exercised together with the underlying share.