Taban Passes Its Guaranteed Floor: Now 21.5% Above the 17,920 Rial Strike on Its Put Option (Tuesday, September 29, 2026)

Shares of Taban (Taban Farda Petrochemical Group), Tehran Stock Exchange's largest-ever IPO, closed today, Tuesday September 29, 2026, up 2.98% at 21,780 rials, 21.5% above 17,920 rials, the strike price of the "hTaban66" tradable put option granted to buyers on listing day. The guaranteed floor the issuer built in for IPO buyers is now worthless to a holder; instead of needing that guarantee, the stock has moved well past it.

Background

On Monday, August 31, 2026, Taban was offered via an order-book price-discovery process, with 4,687,500,000 shares (1.5625% of the company) in a price range of 11,351 to 12,800 rials, per the Tehran Stock Exchange's official notice. Some 2,009,000 investors took part, and due to strong demand the amount sold was expanded from an initial 1.5% target to 2%. Sahmino's own price archive records Taban's first printed price that same day, August 31, at 12,394.81 rials (close to 12,395), a figure inside the announced range rather than at its ceiling.

Every IPO buyer also received, for each allocated share, a tradable put option under the ticker "hTaban66," struck at 17,920 rials and maturing September 7, 2027. These instruments have no secondary market and can only be exercised at maturity for shares still held by the original buyer; selling the underlying share early voids the matching put.

Key numbers

• Today's close (September 29, 2026): 21,780 rials (up 2.98% on the day)
• Price return from listing to today: 75.7%; about 80.6% including the approved 610 rial dividend
• Distance above the put's 17,920 rial strike: 21.5%
• Today's P/E: 24x versus a 9.8x average for the basic chemicals sector
• Free float: 2%
• 14 straight buy-queue sessions (September 1 to 20), then a two-day halt before the assembly, then 2.49 billion shares traded on September 23

Drivers

Three drivers pushed Taban's price from listing to today. First, IPO demand: with 2,009,000 participants, the stock went straight into a buy queue and stayed there for 14 consecutive sessions (September 1 to 20), reaching 18,660 rials, per Sahmino's own price archive. Second, the September 22, 2026 annual general meeting, which for the 12 months ended May 21, 2026 approved earnings per share of 873 rials and a cash dividend of 610 rials (a 69.87% payout ratio), per the summary of decisions filed on Codal. Third, heavy-volume trading resumed on September 23: 2.49 billion shares changed hands in a 19,810 to 21,030 rial range, closing at 20,570 rials, a level only 5.9% below today's close.

Outlook

Sahmino's Rasad desk, at its September 27, 2026 session, holds Taban at a "watch" stance with a flat bias and a 20,540 rial reference price, with no price target or invalidation level set, because the name does not yet carry a settled sample for a graded call. That caution matches the numbers: Taban's P/E of 24 sits against a 9.8x sector average, meaning the market prices it near two and a half times its sector. The put option that was meant to guarantee a 17,920 rial floor is effectively off the table now that the price sits 21.5% above it; the live question is no longer downside protection but whether holding or buying at this price-to-earnings ratio is still justified.

Bottom line

Sahmino's own reading of the evidence is that Taban holds above 19,810 rials, the low of the post-assembly adjustment session, through the end of Mehr (late October 2026), for as long as its P/E stays at least double the basic chemicals sector average; a close below that level would break this outlook. This is Sahmino's own reading, not a direct Rasad desk call, since Rasad has not yet set a target or invalidation level for Taban.

What to watch

Track Taban's P/E against the basic chemicals sector average on its dedicated price page on Sahmino, and check session by session whether that gap narrows or widens. The approved dividend's payment windows (from October 21 through late January 2027) and how the price behaves around them are equally worth watching.