Fenoghreh IPO: Zob Garan Rangin Falez, Tuesday, September 22, 2026

On Tuesday, September 22, 2026 (31 Shahrivar 1405), Iran Fara Bourse welcomes the year's 19th new listing: Zob Garan Rangin Falez, ticker Fenoghreh, the first company in the history of Iran's capital market focused on producing silver ingots, is offering 450 million shares, 9 percent of its stock, on the exchange's second market. The valuation price is set at 11,827 rials per share, and the per-code cap in the public stage is 600 shares, requiring roughly 7.1 million rials, about 710,000 tomans, in cash for the full allotment. Farabi Brokerage is the offering advisor, and Kimia Capital is the underwriter and valuator.

Background

Zob Garan Rangin Falez was founded in 1388 (2009) in Zanjan to develop lead and zinc mining operations, and today produces pure lead ingots (over 99.7 percent purity), workshop-grade ingots, antimony-alloy ingots, lead oxide, silver granules and silver ingots. About 68 percent of operating revenue comes from silver-ingot sales, with most of the remainder from lead ingots; company managers said at a September 13 briefing that more than 75 percent of raw material (concentrate) is sourced from affiliated companies in the same industrial group in Zanjan. Two major shareholders, Eghtemad Iranian Mining and Industry Investment Co. with 69.5 percent and Zarrin Khavarmianeh Industrial and Mining Group with close to 29 percent, hold ownership. Fenoghreh sits in the "basic metals" category, in the non-ferrous precious-metals sub-sector alongside MSMI ("فملی"), Iralco ("فایرا"), "فزرین" and "کیمیا", though none of those four match Fenoghreh's exact line of business. For background on the mechanism, see IPOs on the Tehran Stock Exchange: How Book Building Works and a recent comparable listing, Ako Battery's IPO.

Key numbers

Per Iran Fara Bourse's notice (September 10 and 11, 2026), the offering runs in two stages using a combined method. In stage one, 150 million shares (3 percent) go to equity, mixed and fixed-income funds by auction, with a per-code cap of 1,875,000 shares. In stage two, the same day, 300 million shares (6 percent) go to the general public, natural and legal persons, at the fixed price discovered in stage one's auction, with a per-code cap of 600 shares. (Some outlets had earlier reported a cap of 1,375 shares for this stage; Sahmino confirmed 600 shares from three independent outlets, each citing the official Fara Bourse notice.) The total 450 million shares offered equal 9 percent of the company's 5 billion total shares, putting the company's valuation at about 59,132.796 billion rials, or 11,827 rials per share; Kimia Capital derived that figure from a weighted average of four methods, current asset value, discounted dividends, discounted free cash flow to equity, and a relative-multiples approach. At the 600-share cap, the full allotment requires about 7,096,200 rials, near 710,000 tomans, in cash; if participation crosses 1.6 million codes, as in recent offerings such as Taban Farda's, some financial media estimate the real per-code allotment could fall to about 187 to 188 shares, near 220,000 tomans; that is a media estimate, not a final Fara Bourse figure. The offering carries an embedded put option (a form of share insurance) maturing 31 Shahrivar 1406 (September 2027); reports differ on its exact coverage percentage, so Sahmino is not reporting a final figure until Fara Bourse publishes a more precise notice.

Drivers

The main driver behind this listing is a gap on the Tehran Stock Exchange board: until now, precious metals have mostly been accessible through large metals and mining companies, and Fenoghreh is the first company whose core business is producing silver ingots. Growth in silver-linked financial instruments, from commodity silver funds on the Iran Mercantile Exchange (see a recent example, the Silva silver fund subscription) to deposit-certificate trading, has kept demand for silver-linked assets elevated over the past year. Fenoghreh's product pricing follows global silver and lead prices on the London Metal Exchange (LME), and the company says the exchange rate and global prices for both metals were among the main assumptions in its valuation report.

Outlook

The biggest investment risk in Fenoghreh is its profitability's direct dependence on global silver and lead prices and the exchange rate; a simultaneous drop in these variables could pressure the company's margins independent of its own operating performance. In the non-ferrous precious-metals group, as of today (September 20, 2026), exchange P/E ratios range from 5.7 at Iralco to 18.1 at MSMI, with the sector average near 14; because Fenoghreh has not yet published financial statements to Codal, no comparable P/E can be calculated for it, and its 11,827-rial valuation rests solely on the four methods described above. Sourcing over 75 percent of raw material from a single industrial group in Zanjan gives the company stability but also concentrates its supply chain. Like any IPO, Fenoghreh's listing on Fara Bourse is, on its own, no guarantee of returns; price behavior in its first trading sessions will also depend on overall capital-market conditions on those same days.

Bottom line

Fenoghreh joins Fara Bourse on Tuesday, 31 Shahrivar, transferring 450 million shares (9 percent), unless Fara Bourse postpones the offering for market reasons. The listing marks the first entry of a dedicated silver-ingot producer into Iran's capital market; an official postponement or cancellation by Fara Bourse is the only event that would invalidate this call.

What to watch

The price discovered in Tuesday's fund auction in stage one, which will set the fixed price for retail investors in stage two; the final per-code allotment in stage two once Fara Bourse announces it; and how Fenoghreh trades in its first sessions relative to the 11,827-rial valuation.