Rahyab's Subscription Is 13.3% Below the Market Price, but Its Capital Increase Has Until the Annual Meeting to Register (Wednesday 11 November 2026)

The public subscription for 183,908,046 shares of Rahyab Payam Gostaran (RHYB, Iran Fara Bourse) at a fixed 4,350 rials opened on Monday 9 November 2026 (18 Aban 1405) and runs until the end of office hours on Tuesday 8 December (17 Azar). The close on Wednesday 11 November was 5,020 rials (read at 17:32 Tehran time), so the subscription price is 13.3% below it, and the market stands 15.4% above the subscription price. Is that gap a real discount, or the price of a wait the notice does not mention?

Background

Rahyab Payam Gostaran, which its Shahrivar monthly activity report shows earned 98.5% of its six-month revenue from SMS sales, came to market in an IPO on 8 June 2026 (18 Khordad 1405) at a discovered price of 7,392 rials. After that the stock stayed shut until 7 November (16 Aban), 152 calendar days. According to Nabz-e Bourse (16 Mehr), the stated reason was that a capital increase with waived pre-emptive rights usually takes two to three months; by that day four months had passed.

A Securities and Exchange Organization permit numbered DPM-IOP-05A-110 (17 October) and the extraordinary general meeting of 29 October (7 Aban) take capital from 1,020 billion to 1,820 billion rials, a 78.4% increase booked entirely as "cash contribution with waived pre-emptive rights". The structure has two layers. Of 800 million new shares, 183,908,046 (23%) are sold to the public at 4,350 rials, bringing 800 billion rials of cash into the company, while 616,091,954 (77%) are bonus shares issued out of share premium to current holders, about 60.4 shares per 100 held. The arithmetic closes: the premium per share is 3,350 rials (4,350 minus the 1,000 rial par value), and 3,350 times 183.9 million shares is 616.1 billion rials, exactly the par value of the bonus shares (Sahmino's calculation from the meeting's minutes). The adjusted close before the reopening was also 4,350 rials, so on reopening day there was no gap between the market and the subscription price.

The numbers

The gap opened after the reopening. From 7 to 11 November the stock closed at 4,480, 4,610, 4,740, 4,880 and 5,020 rials over five straight sessions, and in each one the high, low and close were the same price (Sahmino price series and the TSETMC board, read 11 November at 17:32). On 11 November 12.4 million shares changed hands, worth about 62.4 billion rials, while 126.3 million shares, about 634 billion rials, sat in the buy queue at 5,020 rials; that queue is about 6.9% of the market value of 9,136 billion rials, which is based on the 1.82 billion shares after the increase. Individual investors were net buyers of 8.95 million shares that day (about 44.9 billion rials, an estimate): 268 buyers averaging 232 million rials against 11,481 individual sellers averaging 1.5 million rials. Institutions sold about 9 million shares, and in all five sessions institutional selling stayed between 9.0 and 10.8 million shares.

Against that price, the unaudited six-month statements to 22 September 2026 (31 Shahrivar 1405; Codal tracing number 1612412, standalone basis) show operating revenue of 10,674 billion rials, up 31% from 8,121 billion; gross profit of 849 billion, up 54%; operating profit of 439 billion, down 10% because selling, general and administrative costs rose from 62 to 410 billion rials; and net profit of 435 billion, down 61% from 1,120 billion. Of the 697 billion rial fall in pre-tax profit, 649 billion (93.2%) came from the line for other non-operating income and expenses, which dropped from 790 to 141 billion rials. Six-month operating cash flow was 95 billion rials negative against 324 billion positive a year earlier; in the same period the company drew 1,126 billion rials of facilities and repaid 582 billion. On the 22 September balance sheet, trade receivables were 5,722 billion rials (53% above March 2026) and equity 3,147 billion.

The exchange's price-to-earnings ratio is 9.09: trailing twelve-month EPS of 552 rials on 1.82 billion shares, against the 5,020 rial close of 11 November. The information-and-communications group is at 12.57 (nightly reading of 8 November), so Rahyab sits 27.7% below it. Sahmino built the trailing profit as full-year 2025/26 plus this year's six months minus last year's six months (1,005 billion rials).

Drivers

The mechanism behind the gap is simple and sits in the resolution: the meeting fixed 4,350 rials on 29 October, while the market price moves each day inside a band of about 3%. With the buy queue on the ceiling, five sessions were enough to take the stock from 4,350 to 5,020. The data do not show why the queue held; what they show is steady institutional selling of about 9 million shares and net buying by individuals.

The cost of the discount is time. The meeting's text says the increase will be registered "by the time of the annual general meeting" for fiscal 1405, a ceiling that falls after 20 March 2027, and no document gives a date on which new shares reach a subscriber's account. In the earlier DLIP case, subscription closed on 14 June 2026 and final registration was announced on 23 August, 70 days later. The 13.3% cushion is not small: with a 3% band, five straight limit-down closes would be needed to take the close from 5,020 to about 4,310 rials.

The other side is supply. The 183.9 million subscription shares are 10.1% of the enlarged 1.82 billion shares and equal about 15.4 sessions of the five-session average volume (11.9 million shares a session). A Farabi Brokerage guide also says a subscription stops if its cap is filled before the deadline; the Codal notice gives neither a per-code order limit nor the amount still unsold.

Outlook

Sahmino's desk held a "watch" stance on Rahyab at the 10 November session and has set no target or invalidation, so this assessment is the report's own, not a desk call. The coming events are clear: the 8 December deadline, the Mehr monthly activity report, nine-month statements and, above all, the Codal notice that the capital increase has been registered. The 15.4% gap is only worth something while the close stays above 4,350 rials.

Bottom line

The discount is real, but it is not free: its price is the wait for the capital increase to be registered, and it is worth having only while the close stays above 4,350 rials. Sahmino's assessment (11 November 2026, based on this report's evidence and not a desk call): Rahyab's close stays above the 4,350 rial subscription price until 8 December. Condition: while the buy queue holds at 5,020 rials. Invalidation: one close below 4,350 rials, meaning the subscription discount is gone. Horizon: until 8 December 2026.

What to watch

• Each session's close on the Rahyab page in Sahmino against 4,350 rials, together with the buy queue and board events.
• The Rahyab subscription event in the Sahmino calendar and the news item on the Codal notice until the deadline.
• The Codal notice of registration of the capital increase and the date new shares reach accounts.
• The Mehr monthly activity report and any change in selling, general and administrative costs.