Iran Air, the state-owned flag carrier, plans to sell its first shares to the public and buy as many as 100 new aircraft to expand in the face of tighter international sanctions, the company’s chairman said.
Iran Air is seeking to modernize its aging fleet of foreign-built jetliners, which it operates amid political obstacles to the purchase of new planes and spare parts from European suppliers including Boeing Co. and Airbus SAS, Chairman Farhad Parvaresh said.
“Our company will be going into the Tehran Stock Exchange,” Parvaresh said in his first interview with foreign media since his appointment as head of the company last October. “We are creating the conditions for this. Whether that will be 100 percent, 70 percent, 60 percent, we are working on this.” He said it was too early to give a timeframe for the IPO."
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