Iron Road (ASX:IRD) will launch an on-market share buyback program of up to a maximum of 5% of issued capital, expected to start on or after Feb. 24 and run for 12 months, according to a Friday filing with the Australian bourse.

The program will not exceed 10% of the company's issued capital over a 12-month period, the filing said.

Shares bought back under the program will be canceled periodically upon acquisition, resulting in a reduction in the number of issued shares, per the filing.