The initial press release of Tepsi was held today. The Minister of Communications stated at the meeting that the presence of other startups in the stock market will help raise capital and make their activities more serious, and will help to form 5 unicorns. The Minister of Economy also promised to use resource equipping tools to help knowledge-based businesses that are in their maturity. The Vice President for Science and Technology also mentioned the initial introduction of Tepsi as a change of culture and attitude, which he believes is not an easy thing to do and requires a public struggle.
This morning, 5% of Tepsi shares were offered in the secondary OTC market to become the first Iranian startup to succeed in the capital market. In this regard, a press conference was held in the presence of the Minister of Economy, Minister of Communications, Chairman of the Exchange and OTC Organization, Chairman of the Digital Economy Committee of the Parliament and Vice President for Science and Technology.
At the beginning of the meeting, Meysam Fadaei, CEO of OTC, described the statistics of Tepsi’s initial public offering today as unprecedented: “There were 20 participating funds.”
He said that the first ones always face certain problems and expressed hope that the OTC market will be able to host other startups in the coming months, although there is a good demand in this field.
The stock market can help shape the unicorn in the country
Minister of Communications Issa Zarepour congratulated the country’s technology community, especially the digital economy community and ICT supply companies, and described the initial launch of Tepsi as a great and historic day.
He said that the Tepsi team, after 2 years of struggle and war with the bureaucracy, finally got what it wanted, adding that the process was a normal process and no one was to blame for its prolongation: “We were facing a new issue and “Even the security services did not have previous experience in this area to be able to predict where it would end up.”
While appreciating the CEO and Tepsi team for paving the way for the presence of knowledge-based companies in the stock market, Zarepoor said that the government’s view is based on supporting businesses and the digital economy.
He expressed hope that by convening meetings of the Digital Economy Committee, they will be able to remove obstacles to the growth of companies and maximize the use of technology to solve the country’s problems.
The Minister of Communications believes that the presence of other startups in the stock market has led to their financing and more serious activity, which will help increase the share of digital economy in GDP by 10% over the next three years and form 4 to 5 unicorns in the country:
“Today is a turning point for future achievements and the way forward, which will result in solving the country’s problems based on technology, wealth creation and value, and a smile of satisfaction will fall on the lips of the people.”
The need for change in the financing of startups
“Majid Eshghi”, the head of the Stock Exchange and Securities Organization, praised Tepsi’s supply in the capital market and said that the supply of this company was one of the first cases that he pursued when he became the chairman of the Exchange Organization.
“There are always sensitivities about startups,” he said, adding that the launch of Tepsi is the beginning of a new path in the capital market.
Emphasizing that the capital market should play a more effective role in financing such companies, Eshghi expressed readiness for the stock exchange organization to work with all its facilities and through the issuance of bonds, the initial public offering of startups and the reform of structures to expand them. Take a step towards financing knowledge-based companies.
According to the head of the stock exchange organization, the issue of mass financing that has been raised for the past two years still has a lot of work to do and should play its role in financing knowledge-based companies: “We had good approvals in this regard in OTC to finance “Collectively become the common literature in this field.”
Pay more attention to the maturity of innovative businesses
The Minister of Economy, Ehsan Khandouzi, was also present at the meeting. Referring to the country’s investment ecosystem for innovative and technological businesses, he said: “In discussing the financing of the birth period of these businesses, good measures and platforms have been provided and there is a defensible record.”
According to Khandouzi, however, in other stages of the growth of these companies, the Iranian economy is facing many bottlenecks; However, the Ministry of Economy is determined to use resource utilization tools, especially capital market tools, more and more during the maturity of these businesses: “Today is also the beginning of a decision that does not depend only on the Ministry of Economy and includes other institutions. »
He expressed hope that with the tools seen in the Knowledge-Based Production Leap Law, along with financing tools with other government aids such as tax credit, better days would come for these businesses in the coming months.
The importance of transparency in shaping the sweet experience of launching startups
“Mojtaba Tavangar”, the chairman of the Digital Economy Committee of the parliament, mentioned today as an introduction to some changes:
“Tepsi’s initial public offering has changed investment opportunities for the general public, making it possible for startups to invest in startups for the first time, along with gold, real estate and more. Until now, it was difficult to get venture capitalists to bring a startup to maturity, but now it’s important for them to be able to invest in new businesses as well. “This helps increase employment and provides liquidity for these people.”
Noting that several intangible asset companies have been introduced in the capital market so far, most of which have been their software, the MP called Tepsi a company with a new type of intangible assets that in addition to software, platform, customers and their trust. It is also part of the company’s intangible assets.
According to him, the task of the Exchange and OTC Organization has increased from today and they should observe transparency, control and valuation well in order to form sweet experiences in this field and encourage people to invest in this field:
“60% of startups listed on global stock exchanges are less than 10 years old, so the short life of these companies is not a risk, and we are approaching global standards. We have to wait for the rapid growth and significant increase in the demand of startups to enter the stock market. Of course, there are some risks in this area, which have been minimized with the limited supply of stocks and expertise. “The result of this expert work is the same admission criteria, which is an important step in paving the way.”
Emphasizing that the key role of facilitator and supervisor is expected from capital market managers, Tavangar once again expressed hope that Tepsi and other startups will take steps towards growth and development and increase trust and prosperity in the capital market.
Struggle to change culture and attitudes
“The initial introduction of Tepsi is a culture and a change of perspective,” said Sorena Sattari, the vice president for science and technology.
He further pointed to a major obstacle to the activities of knowledge-based companies and said:
“400,000 liters of blood a year are sent to Austria and Germany to produce two substances. “Now the domestic company, which is producing one of these required materials, has applied to the bank for a loan and must provide land or property as collateral.”
Criticizing that valuation in Iran is based on money, cars and property, Sattari stressed that this culture must change and pay attention to people, their creativity, thoughts and innovations.
He believes that the initial launch of Tepsi has paved the way for many startups in the fields of nanotechnology, IT, biotechnology, etc., which as a model can be an incentive for graduates abroad.
In his concluding remarks, Sattari referred to the Law of Knowledge-Based Production Leap Law and said that this law has changed many of the basic laws and is the orientation for the next 20 years of the country.
The stock exchange organization trusts startups and people
Milad Monshipour, CEO of Tepsi, also said at the meeting, referring to their two-year efforts to be listed on the stock exchange:
“Tepsi ‘s initial public offering was not a symbol, but the entry of a new industry into the capital market. In our country, this industry has only a 5 to 6 percent share of GDP, while in developed countries this amount reaches one third. “During these two years, the country’s economic body has become acquainted with this industry, appropriate criteria have been developed, and the capital market has embraced the digital economy.”
“I hope we will be a good representative of this new industry and see the rise of the digital economy in the country,” he said, marking the beginning of a path in which the Tepsi team will provide maximum effort and transparency to succeed.
In the end, the CEO of Tepsi asked the stock exchange organization to trust the industry and the people and to reduce the strictures as much as possible.