March 2007 At the beginning of March, the mood of the Tehran Stock Exchange (TSE) was heavily influenced by the announcement of the Initial Public Offering (IPO) of Mobarakaeh Steel Complex (MSC). This was to become the TSE’s largest IPO in its 40 year-long history. On 11 March, 3% of the shares of MSC were offered to the market raising approximately $98 million. The size of the IPO was considered ...