Tehran Bourse's Biggest-Ever IPO Opens Today; Iran Market Pulse, Monday, 9 Shahrivar 1405: The Dollar Gained 6,110 Tomans in a Week, TEDPIX Set a New Record

1. Lead

Today, Monday, 9 Shahrivar 1405 (August 31, 2026), shares of Taban Petrochemical Group Farda go public on the main board of Tehran Stock Exchange's second market: 4,687,500,000 shares, equal to 1.5625 percent of the company. Per Boursenews and Tabnak, this is the largest IPO in Tehran Stock Exchange history by share count. The offering lands right after a week in which TEDPIX, Tehran's main index, jumped 2.03 percent on Saturday, 7 Shahrivar (August 29), to a fresh record of 6,516,184 points, while Tehran's free-market dollar had anything but a calm week: from 199,900 tomans on 1 Shahrivar (Saturday, August 23, the month's first trading day) to 206,010 tomans on Saturday, 7 Shahrivar, it gained 6,110 tomans, or 3.06 percent.

2. Today's Snapshot

3. Today's Top Headlines

• Taban Petrochemical's shares go public today, Monday, 9 Shahrivar, offering 4.6875 billion shares, the largest IPO in Tehran Stock Exchange history by share count; the base price is 12,075 rials and the per-code cap is 13,280 shares (Boursenews and Tabnak, 8 Shahrivar).
• Macroeconomic analyst Mohammad Taghi Fayyazi told Khabaronline that point-to-point inflation, which reached 89 percent in Mordad, could hit 110 to 120 percent by the end of Esfand 1405 (March 2027) in the worst case; in an optimistic scenario tied to the war ending, he put it around 60 percent (Khabaronline, 8 Shahrivar).
• The gap between the free-market dollar and the rationed national-card dollar narrowed to about 8,000 tomans Sunday, as the card rate rose 3,000 tomans to 198,000 tomans (Khabaronline, citing Khabar Foori, 8 Shahrivar).
• US Treasury Secretary Scott Bessent is hosting the G20 finance ministers meeting in Asheville today and tomorrow (9 and 10 Shahrivar) and has pressed members to sever economic ties with Iran, warning of secondary sanctions on buyers of Iranian oil (CNBC, 8 Shahrivar).
• Iran's open car market saw a fresh wave of price increases Sunday as the dollar and gold both jumped; the Tara Automatic Turbo rose 205 million tomans in a day to 3.42 billion tomans (Eghtesad Online and Fararu, 8 Shahrivar).

4. Currency

The first week of Shahrivar was not calm for the dollar. Per Sahmino's own data, Tehran's free-market dollar closed at 199,900 tomans on Saturday, 1 Shahrivar, the month's first trading day; six trading days later, on Saturday, 7 Shahrivar, the same rate reached 206,010 tomans. That is a one-week gain of 6,110 tomans, or 3.06 percent, a figure also reported by Boursenews and Ecoiran for Saturday's closing rate, and consistent with what Khabaronline, citing Khabar Foori, confirmed Sunday afternoon. Over the same week, the Central Bank expanded its national-ID-card rationed dollar sales (up to 1,000 dollars per person, near the free-market rate) at select bank branches; Khabaronline reported at 15:35 Sunday that the card rate rose 3,000 tomans to 198,000 tomans, narrowing its gap with the free market to about 8,000 tomans. By contrast, the gap between the Iran Currency and Gold Exchange Center's negotiated ("tavafoghi") remittance rate (158,480 tomans sell, 157,053 tomans buy, as of Saturday, 7 Shahrivar) and the free market remains around 47,500 tomans, meaning the government's two currency channels sit at very different distances from the open market. The euro traded at 238,790 tomans in the free market Saturday.

5. Gold and Coin

Tehran's 18-karat gold last settled at 21,839,600 tomans per gram at 19:59 Saturday, and the Emami coin closed at a record 218,010,000 tomans; the coin premium stood around 2 million tomans at the time. The domestic rate had not updated as of Sunday, but globally, spot gold traded at $4,418.12 at 07:40 this morning, Monday, down about 0.81 percent from Saturday's roughly $4,454 level. If that global pullback carries through when Tehran's domestic gold and coin market next updates, alongside the free-market dollar and local trader sentiment that usually move it too, it could pare back some of Tehran gold's recent gain; that is an estimate based on the market's past behavior, not a price that has been recorded yet.

6. Bourse and Farabourse

TEDPIX, separate from the Farabourse index, rose 2.03 percent (129,608 points) on turnover of about 49.2 trillion tomans on Saturday, 7 Shahrivar, reaching a fresh record of 6,516,184 points; the equal-weight index gained 25,183 points (1.4 percent) to 1,827,956. Individual investors were net buyers of about 4.35 billion shares on the bourse board that session (Sahmino's own volume data). Among individual names, Foolad (Mobarakeh Steel) opened 2.97 percent higher for a third straight higher close and its best closing price since 25 Bahman (February 2026); Shepna (Isfahan Oil Refining) hit a one-year record of 12,560 rials on a fourth straight gain; Vatejarat (Bank Tejarat) logged its 23rd consecutive higher close and a one-year record of 983 rials; and Shasta (Social Security Investment) traded at the day's price ceiling of 3,031 rials. Farabourse rose 1.35 percent (684 points) the same day on turnover of about 156.7 trillion tomans, taking its own, separate index to 51,363 points; on that market, Iranol Oil reported first-five-month sales of 22.6 trillion tomans, up 82 percent year on year, and its ticker Sharanol gained 3 percent Sunday (Boursenews and Eghtesad Online, 8 Shahrivar). Final index data for Sunday's session had not yet posted in Sahmino's system as of this writing.

7. Crypto

Bitcoin traded at $77,619 at 07:43 this morning, Monday, down 1.66 percent from Sahmino's previous recorded price. Tether's toman price moved to 208,317 tomans at the same time, up 0.67 percent from its previous reading. In new-product news, the first US exchange-traded fund with direct exposure to the privacy-focused cryptocurrency Zcash (ticker ZCSH, built by Grayscale) began trading on NYSE Arca on Monday, 3 Shahrivar; Zcash itself traded around $866 Sunday evening, up nearly 90 percent over the past month (Bloomingbit, 8 Shahrivar). On the security front, a hack of crypto card infrastructure provider Rain hit neobank Avici, affecting more than 1,680 users; Avici has pledged full refunds of the affected balances (AMBCrypto, 6 Shahrivar).

8. Iron and Steel

The Iran Mercantile Exchange settlement price for A3 rebar, sizes 14 to 20, was 714,599 rials (about 71,460 tomans) per kilogram at its last trading session, Saturday, 7 Shahrivar, down from 743,837 rials at the prior Wednesday session. In the open market, Aryan Steel's A3-grade size-10 rebar traded at 76,820 tomans and its A2 grade at 76,730 tomans on Sunday, 8 Shahrivar, meaning the gap between the open market and the exchange's fresh settlement widened this week, unlike the week before. Globally, Shanghai rebar futures rose 0.58 percent this morning to 3,148 yuan per tonne.

9. Cars

Per Sahmino's own data, the 1405-model Pride 151 GX still traded at 1.18 billion tomans Sunday, little changed. But among Iran Khodro models, Eghtesad Online and Fararu reported a fresh wave of Sunday price increases: the Tara Automatic Turbo rose 205 million tomans in a day to 3.42 billion tomans, the manual Tara gained 105 million tomans to 2.18 billion tomans, the Dena Plus Automatic rose 80 million tomans to 3.04 billion tomans, and the automatic Peugeot 207 gained 70 million tomans to 2.66 billion tomans. Per Fararu, the jump came as the dollar and gold both moved past prior levels, pushing prices to fresh historic highs.

10. Building Materials

The Iran Mercantile Exchange settlement price for bulk Type 2 (42.5) cement was 28,163 rials per kilogram at its last session, Saturday, 7 Shahrivar, up from 26,968 rials the prior Wednesday. By contrast, retail prices for 50-kilogram bags of Type 2 cement from producers such as Abyek Cement (289,000 tomans) and Tehran Cement (291,000 tomans) were unchanged week over week as of Sunday, 8 Shahrivar; Saveh Cement, at 260,000 tomans, remained the cheapest bag tracked. In other words, the exchange settlement price has risen this week, but retail prices have not yet followed.

11. Regional and Global

Brent crude rose 2.06 percent to $90.11 at 07:40 this morning, Monday. In the US, Treasury Secretary Scott Bessent is hosting the G20 finance ministers and central bank governors meeting in Asheville today and tomorrow (9 and 10 Shahrivar); per CNBC, he is pressing members to sever economic ties with Iran and has warned of secondary sanctions on buyers of Iranian oil, two days after the US Treasury curbed the UAE branches of Egypt's Banque Misr over Iran links on Friday, 6 Shahrivar, pressure that channels directly into Iran's own currency and energy markets. The Turkish lira traded around 48.25 to the dollar this morning, little changed; Turkiye's economic confidence index rose 0.8 percent in August to 100.6, per Anadolu Agency citing Turkish statistics authority data, crossing the 100 threshold for the first time, relevant to Tehran because Turkiye remains a major travel, trade and informal-transfer channel for Iranians. In Iraq, per Shafaq News citing US Energy Information Administration data, US crude imports from Iraq fell to zero barrels per day in the latest week, down from 6,000 bpd the week before; separately, an economic adviser to Iraq's prime minister described the country's banking sector as being "at a turning point" in its reform push, a market that also serves as an informal currency-transfer channel tied to Iran. The Chinese yuan traded around 6.72 to the dollar this morning.

12. Bottom Line

The first week of Shahrivar was a record week for Tehran's bourse; it was not a calm one for the dollar. Today's verdict: as TEDPIX was setting its 6,516,184-point record, the free-market dollar gained 6,110 tomans over the same seven trading days, and the Central Bank, even as it expanded the national-card quota, compressed one of its official rates to an 8,000-toman gap with the free market while leaving the exchange center's negotiated rate gap, around 47,500 tomans, untouched. What to remember: on the day Tehran's biggest-ever IPO opens, it is the rising dollar standing behind last week's records, not enthusiasm for stocks alone.

13. What to Watch Today

Tehran's bourse opens at 9:00 today, Monday, 9 Shahrivar, with Taban's IPO; the main question is whether TEDPIX extends Saturday's record or turns toward a correction. In currency, watch whether the free rate keeps accelerating after its 3.06 percent weekly jump, or whether the Central Bank slows it by expanding the national-card quota further; the 8,000-toman gap between the card rate and the free market will stay in policymakers' sights. Globally, the two-day G20 finance ministers meeting in Asheville, centered on US pressure over economic ties with Iran, and how global gold trades after this morning's pullback, are the two main drivers for the days ahead. This week's calendar of events can be followed on Sahmino's market calendar.