Myket valued at 6.6 trillion tomans ahead of planned IPO in Iran

Myket, an Iranian Android app store, has been valued at 6.587 trillion tomans ahead of a planned initial public offering, as executives reported half-year operating revenue exceeding the previous full year's total.

Kimia Investment Bank, which carried out the valuation, announced the figure at Myket's first investor presentation. The company plans to list on the Noafarin market of Iran Fara Bourse under the Myket ticker. The valuation covers the whole company and does not necessarily determine the final IPO share price.

The figure is equivalent to about $24.7 million at the Tehran open-market selling rate of 266,700 tomans per dollar on Nov. 7, 2026. Tomans are Iran's commonly used pricing unit; the dollar estimate provides scale at that rate.

Operated by Hooshmand Gostar Hootan Pars, Myket began operating in the Iranian year 1390, which ran from March 2011 to March 2012. Its planned listing follows the 2022 stock-market entry of ride-hailing company Tapsi.

Half-year revenue exceeds previous full year

Figures presented at the meeting put Myket's operating revenue at about 1.756 trillion tomans in Iranian year 1404, spanning March 2025 to March 2026.

For the current year, 1405, which runs from March 2026 to March 2027, the company initially budgeted operating revenue of 2.728 trillion tomans. It reported about 2.308 trillion tomans in the first six months alone.

CEO Vahid Rahimian's presentation put the revised full-year revenue forecast at about 4.112 trillion tomans. If achieved, that would equal roughly 151% of the original budget.

Kimia's valuation report examined Myket's performance and future revenue from software sales, advertising, e-books and digital-content traffic.

An app store with a substantial video business

Rahimian said Myket was installed on about 60 million phones, had 32 million monthly active users and worked with 22,000 developers. The company's long-term ambition, he said, is to reach every Iranian smartphone user.

The presentation put monthly activity at 180 million downloads and updates, 200 million searches and 3 billion minutes of video viewing. Myket's catalog includes 350,000 apps and games and 180,000 films and series, according to the figures presented.

Video has become a substantial part of a service whose activities now extend beyond app and game distribution.

AI lowers development costs and intensifies competition

Rahimian said AI had reduced the cost of testing ideas and building products while making the competition to get those products noticed harder and more expensive. He sees that shift as an opportunity for Myket because it has tools to help developers reach users.

He said the number of apps submitted to Myket over the past year had more than doubled from the preceding year, attributing the increase to AI making app development easier. Even a student can now build an app in their spare time, he said.

Myket is considering selling subscriptions to foreign AI services such as ChatGPT with payment in Iranian currency, rather than developing comparable products itself. It is also examining and testing AI features for its video business, including automated dubbing.

Google's verification rules remain a question

Asked by us about Google's Android developer-verification policy and its implications for independent app stores, Rahimian said Myket was monitoring the changes and taking action. He does not expect them to pose a serious risk to Myket or larger developers.

Google's published timetable says verification protections began Sept. 30, 2026, for installations from participating stores in Brazil, Indonesia, Singapore and Thailand on certified devices running Android 7 or later. Google plans to expand verification globally in 2027.

Rahimian said larger developers generally find ways to address such restrictions, but smaller developers could face difficulties if Google tightens its requirements.

He suggested stricter rules might create a market in which some developers publish apps made by others. He stressed that the consequences were still unclear and that Myket was continuing to assess the changes.

Liquidity and financing drive the listing

Asked what going public would change, Rahimian said Myket would remain focused on developing its business and that a listing would not substantially alter its direction. He said there was still considerable room to grow and introduce services.

Masoud Arasteh, Myket's chairman and CEO of Hasin Group, identified two main objectives: making shares easier for shareholders to sell and creating access to financing.

Arasteh said Myket had enough cash for small and medium-sized projects and little immediate need to raise funds for them. Larger projects in its plans could require substantial financing, he said, with a listing allowing Myket to combine its own cash with funding from the capital market.