5% stocks of Saderat Bank equivalent to 840,050,000 shares were sold at Tehran Stock Exchange on Sunday.
So far 16.8 billion shares of the bank have been offered, the Islamic Republic of Iran News Network reported.
According to Iran's Fourth Five-Year Economic Development Plan (2005-2010), the IPO, affiliated to the Ministry of Economic Affairs and Finance, is in charge of setting prices and offering shares to the general public on the stock market.
In 2007, Supreme Leader Ayatollah Ali Khamenei ordered that government officials speed up implementation of the policies outlined in the amendment of Article 44, and move towards economic privatization.