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Iran Aseman Airlines announces plans to IPO

Iran Aseman Airlines (EP, Tehran Mehrabad) is planning on going public despite adverse market conditions and economic sanctions, chief executive Mehdi Qaderi has announced.

In a statement, Qaderi said the process for listing the carrier's shares on the stock market, presumably that in Tehran, were now underway.

"We are looking to make arrangements for the company to enter the stock exchange," he said. "By entering the capital market, the company can attract all the desirable financial resources it needs."

To that end, Iran Aseman has already engaged local financial services firm Atieh Capital about the requirements for listing and the Islamic Consultative Assembly about its reasons for pursuing an IPO.

"In these meetings, the problems affecting the airline industry were discussed, especially the issue of providing the necessary financial resources for the development and equipping of Aseman Airlines' fleet," he said.

Aside from boosting its cashflows, Qaderi said Aseman’s IPO would also increase its financial transparency. He did not disclose the size of the shareholding the airline's owner, the Iranian Civil Servants...