Abstract: This study examine the effect of board of directors structure and the percent board of directors as a non-obligation on valuation the stock in initial public offering in the Tehran Stock Exchange during the years 1391-1390. In this study, we examined the size of the board and the board of directors shall not be used as independent variables and its effect on an initial public offering value. The results of the regression analysis of the 81 companies obtained during the years 1391-1390.