Bin Ulasim (BINBN) has sold 17mn shares, amounting to a 15% stake, via a Borsa Istanbul initial public offering (IPO), Bulls Yatirim Menkul Degerler (BLS), which acted as the intermediary in the offering, said on October 7.

The transaction was concluded for Turkish lira (TRY) 1.56bn ($45mn), or TRY 91.85 per share. The bookbuilding was held during October 3-4.

No participants in the IPO acquired more than 5% of the offered shares. 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.

Via the IPO, Bin Ulasim hiked its paid-in capital by TRY 12mn to TRY 112mn while 1000 Yatirimlar Holding (BINHO) sold an additional 4.75mn existing shares.

Re-Pie Portfoy Yonetimi A.S. Altun Capital Girisim Sermayesi Yatirim Fonu (a venture capital fund operated by Istanbul-based Re-Pie Asset Management) also sold 25,000 shares and Re-Pie Portfoy Yonetimi A.S. BinBin Girisim Sermayesi Yatirim Fonu sold another 225,000 shares.

In the wake of the offering, BINHO holds a 79% stake in BINBN, including 20mn privileged Type A shares.

Viva Edge Telecom Bulgaria Limited has a 4% stake while BinBin Fonu holds 4% and Bulls Girisim Sermayesi Yatirim Ortakligi holds 1%.

Altun Capital Fonu has a 0.4% stake in the company.

Table: Shareholding structure of BINBN prior to the IPO.

Istanbul-based BINBN, launched in 2019, runs the BinBin Scooters app.

"Matryoshka doll" job

In November 2023, BINHO sold a 20% stake via an Istanbul IPO for a consideration of TRY 1.2bn ($41mn).

Istanbul-based BINHO, launched in 2022, has five subsidiaries. BinBin Scooters, a micro-mobility company, was launched in 2019 by Kadir Can Abdik and Huseyin Ardan Kucuk.

Meta Mobilite has a licence to operate an electric vehicle (EV) charging stations network under its QCharge brand.

"Matryoshka doll"-style IPOs are not uncommon on the Borsa Istanbul. BINBN is BINHO’s major asset. It was already sold in an IPO a year ago.

In some cases, the same company is offered to the public three times.

Currently, Usame Erdogan, Mustafa Saim Birpinar and Kadir Can Abdik control identical stakes of 18% in the company, including 2mn privileged Type A shares each.

EC Yatirimlar Holding has a 12% stake in 1000, while Huseyin Ardan Kucuk and Haris Pojata hold identical stakes of 7%, including 1mn privileged Type A shares for each.

Natural talents

Usame Erdogan is a son of Mustafa Erdogan, the younger brother of Turkey’s president, Recep Tayyip Erdogan.

He serves as the board chairman of BINBN.

The Erdogan family has a talent in trade. Recep Tayyip Erdogan is among the richest politicians in the world.

His sons Burak (born in 1979) and Bilal (born in 1981) as well as sons-in-law Berat Albayrak (born in 1978) and Selcuk Bayraktar (born in 1979) are all successful tradesmen.

Bulls

In September, Bulls Yatirim also acted as an intermediary in the IPO of Cem Zeytin (CEMZY). In the wake of the offering, the Cem and Cengiz Okullu brothers hold the remaining 75% stake in the company, including 60mn privileged Type A shares.

Cem Okullu is a speculator operating on Borsa Istanbul. He was active in petrochemical producer Petkim (PETKM) and Industrial Development Bank of Turkey (TSKB) stocks in 2021. Turkey’s Capital Markets Board (SPK/CMB) fined Cem Okullu and Mehmet Okullu TRY 1mn in relation to the TSKB operation.

Okullu is also the majority shareholder in small-cap canned food maker Tukas (TUKAS). He has a partnership with Galip Ozturk in this company.

Ozturk is currently in jail in Georgia.