Turkish discounter Şok Marketler has completed a TL 2.3 billion (€440 million) initial public offering, at an offer price of of TL 10.5 per share.
The IPO is comprised of a primary offering of 218.5 million new shares, making it one of the largest IPOs in Turkey in the past decade.
According to a company statement, the offering drew 'strong interest' from both international and domestic investors, with the order book oversubscribed.
“The strong level of interest from investors in our initial public offering is a clear proof of confidence in our country, our industry and our company," commented Uğur Demirel, chief executive of Şok.
"We are very proud of completing one of Turkey’s largest initial public offerings and look forward to maintaining our successful performance in the years to come. We are delighted to welcome all the investors who participated in the IPO as Şok’s new shareholders.”
Controlling shareholder Yıldız Holding A.Ş. is to separately subscribe, by way of a private placement, for 33,428,571 shares at the offer price.
The company’s shares are expected to start trading on the Borsa Istanbul this Friday, 18 May.
Garanti Yatırım Menkul Kıymetler A.Ş. acted as domestic coordinator and domestic bookrunner of the Offering. ÜNLÜ & Co, BofA Merrill Lynch, Credit Suisse and J.P. Morgan acted as joint global coordinators and joint bookrunners, with Citigroup and UniCredit Corporate & Investment Banking acting as joint bookrunners.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
