34 companies raise 60bn lira via Istanbul IPOs in 2024

34 companies raise 60bn lira via Istanbul IPOs in 2024
Turkey's president, Recep Tayyip Erdogan, on December 22 rang the opening bell at Borsa Istanbul.
By Akin Nazli in Belgrade January 10, 2025

Thirty-four companies during 2024 raised a combined sum of Turkish lira (TRY) 59.5bn ($1.7bn) via Borsa Istanbul initial public offerings (IPOs), according to data compiled by bne IntelliNews.

The largest transaction benefitted Ronesans Gayrimenkul Yatirim (RGYAS), a unit of Ronesans Holding. In April, RGYAS sold a 10% stake for Turkish lira (TRY) 4.5bn ($136mn).

The average deal size was TRY 1.75bn, while the average size of the stakes sold by the companies was 24%.

As usual on the Borsa Istanbul, almost all the companies concerned issued privileged shares to favour owners, while the owners also benefited from selling their existing shares via the public offerings.

In only six IPOs did the owners not sell their existing shares. Also, all the funds raised were utilised for capital hikes.

According to local legislation, intermediaries are obliged to file the details of real or legal persons who acquire more than 5% of offered shares in a Borsa Istanbul IPO. Also as per usual, there were no big buyers in almost all of the deals.

Ten food companies were among enterprises that held IPOs on Turkey's stock exchange last year.

In 2023, 54 companies raised a combined sum of TRY79bn ($3bn) in IPOs conducted on Borsa Istanbul. In 2022, 40 companies raised TRY19bn ($1bn). In 2021, 52 companies raised TRY22bn ($2bn).

IPOs at Borsa Istanbul
Date Sold Stake Price Buyer Seller Sector
Dec-24 Armada Gida (ARMGD) 21% TRY 2bn IPO Sonmez family food
Dec-24 Sumer Varlik (SMRVA) 24% TRY 616mn IPO ASV (Altinbas) finance
Dec-24 Cagdas Cam (CGCAM) 25% TRY 840mn IPO Omer Seyfetding Pirinc glass
Oct-24 Bin Ulasim (BinBin/BINBN) 15% TRY 2bn IPO 1000 Yatirimlar Holding (BINHO), Re-Pie transportation
Sep-24 Durukan Sekerleme 32% TRY 723mn IPO Durukan family food
Sep-24 Cem Zeytin (CEMZY) 25% TRY 2bn IPO capital increase food
Aug-24 Ozata Denizcilik (OZATD) 19% TRY 1bn IPO Ozata Tersanecilik shipyard
Aug-24 Ahes REIT (AHSGY) 26% TRY 1bn IPO capital increase construction
Aug-24 Gundogdu Gida (GUNDG) 26% TRY 350mn IPO Zulkuf Kopuz food
Aug-24 Kirac Galvaniz (TCKRC) 26% TRY 1bn IPO capital increase metals
Aug-24 Bahadir Kimya (BAHKM) 29% TRY 816mn IPO Serkan Bahadir automotive
Jul-24 DTC Trading (DCTTR) 29% TRY525mn IPO Levent Sadik Ahmet agriculture
Jun-24 Segmen Kardesler (SEGMN) 20% TRY1bn IPO capital increase food
Jun-24 Efor Cay (EFORC) 25% TRY1bn IPO Ibrahim Akkus food
May-24 Yigit Aku (YIGIT) 25% TRY 3bn IPO Yigit family automotive
May-24 Horoz Lojistik (HOROZ) 27% TRY 1bn IPO Taner Horoz transportation
May-24 Altinkilic (ALKLC) 30% TRY 779mn IPO capital increase food
May-24 Ozyasar Tel (OZYSR) 30% TRY874mn IPO Cokyasar Holding metals
May-24 Onur Yuksek Teknoloji (ONRYT) 31% TRY977mn IPO Dede family tech
May-24 Hareket Proje (HRKET) 21% TRY2bn IPO Altinkum and Gursu families transportation
May-24 Koc Metalurji (KOCMT) 27% TRY3bn IPO Adil Koc metals
May-24 Altinay Savunma (ALTNY) 25% TRY2bn IPO Hakan Altinay, Letven Capital defence
May-24 Koton (KOTON) 16% TRY4bn IPO Turkven, Yilmaz family textile
May-24 Lila Kagit (LILAK) 20% TRY4bn IPO Ogucu family paper
Apr-24 Ronesans REIT (RGYAS) 10% TRY5bn IPO Ronesans Holding, GIC (Singapore) construction
Mar-24 IC Enterra (ENTRA) 20% TRY4bn IPO IC Ibrahim Cecen Yatirim Holding (IC Holding / IC Ictas Insaat) energy
Mar-24 Odine (ODINE) 40% TRY1bn IPO Bilyay family tech
Mar-24 Mogan Enerji (MOGAN) 11% TRY3bn IPO Guris Holding energy
Feb-24 Artemis Hali (ARTMS) 29% TRY507mn IPO capital increase textile
Feb-24 Alves Kablo (ALVES) 25% TRY778mn IPO capital increase manufacturing
Feb-24 Oba Makarnacilik (OBAMS) 20% TRY4bn IPO Alpinvest (Ozguclu), Sayacorp (Bahrain), Venture Capital Bank (Bahrain) food
Feb-24 Limak Dogu Anadolu Cimento (LMKDC) 30% TRY3bn IPO Limak Cimento construction
Feb-24 Bor Seker (BORSK) 29% TRY2bn IPO Arz Portfoy, Emir Haktan Disli food
Feb-24 Pasifik Donanim (PATEK) 20% TRY945mn IPO Fatih Erdogan, Abdulkerim Firat, Mehmet Erdogan tech

Table: Full list of IPOs on Borsa Istanbul in 2024.

 

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