Iranian Economy Minister Farhad Dejpasand said that the government has planned to list its shares in three banks and two insurance firms to raise over $1 billion in new finances as more public firms set up initial public offering (IPO) in a stock market where there is an unprecedented upsurge in trade. The listing for the five government-run entities, namely Bank Mellat (PJSC), Tejarat Bank, Bank Saderat Iran, Alborz Insurance Company and Amin Reinsurance Company, will take place late next week in the Tehran Stock exchange (TSE), Farhad Dejpasand said on April 25, 2020. Dejpasand added the five banks and insurers would build an exchange-traded fund (ETF) in a trade that is envisaged to generate IRR 165 trillion (over $1 billion) in new finances for the government.

The IPOs are part of government projects to use a current boom in the TSE to shore up finances that have been harmed by a series of illegal US sanctions.