The trading symbol of Mellat Investment Bank (MIB) was upgraded from second market board of the stock exchange to the first (main) board. That is, MIB is now the first and only active investment bank on the first market board.
Having an initial public offering of 13% of its shares in March 2020, MIB was the 536th company listed in the secondary market of Tehran Stock Exchange, initiating as “TMLT1.” Less than 19 months later, today, MIB was upgraded and transferred to the first market board.
As one of the first conditions to work on the sub-board of the first market, companies are to have the target capital approved by Securities and Exchange Organization. TMLT1 now has a capital of 11 thousand billion Rials. Moreover, companies have to have a stock float of at least 15%, which in the case of TMLT1 is 16%. Other conditions for working on the sub-board of the first market include information transparency, good profitability, and absence of accumulated losses in the balance sheet, as well as having a proprietary ratio, all of which TMLT1 has fulfilled.