Islamic Republic of Iran Shipping Lines (IRISL) has floated 127 million shares on the Tehran Stock Exchange. It has been reported that the shares were priced at USD0.27 per share and IRISL was testing the water with the IPO. A spokesperson for IRISL, told CI: 'A part of the Government's share (2.45%) in IRISL was offered to the public towards the end of May. A similar share offering has been made to IRISL's employees. Currently two pension and social security funds own 25.5% each of the company. The balance is owned by the government. Around 24% of the sharers will be donated to the poorer sectors of the society. He added: 'In any case, IRISL is now considered to be a public listed company whose shares are in the market and many people are in the queue to buy the shares. The IPO has been successful and well received, and will continue.'
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