Iran’s biggest cargo line looks at London IPO

Reuters reports that Iran’s largest shipping company is looking to list on the London Stock Exchange, but is having trouble doing so:

Iran’s top cargo shipping company has held meetings in London to discuss a possible listing on the London Stock Exchange, but has so far been thwarted by US sanctions that still scare banks off Iranian business, four Iranian and two Western sources said.

Islamic Republic of Iran Shipping Lines (IRISL) was removed from international sanctions blacklists last year and after years of isolation aims to raise funds to modernize its fleet. It has already placed an order for new ships estimated to be worth $626 million.

A flotation on the LSE would make it the first Iranian company to list on Britain’s main exchange since the Islamic revolution in 1979.