Rising index levels and increasing trading volumes at Borsa Istanbul since the start of the new year have reignited activity in the initial public offering (IPO) market, positioning 2026 as a potential “year of IPOs.”
Three IPOs have already been completed in the first days of the year, while another company is set to collect investor demand this week. Shares of Arf Bio Energy, which completed its demand collection at the end of 2025, have begun trading, alongside the completed IPOs of Meysu Food, Z GYO, and Formül Plastik. Meysu Food drew particular attention by receiving 8.5 times demand relative to its offering size.
Üçay Engineering is scheduled to collect demand between January 14–16. Participation in the last four IPOs exceeded 500,000 investors, with a combined offering size surpassing ₺4 billion. Meanwhile, 125 companies are currently awaiting approval from the Capital Markets Board (SPK). Market participants note that if investor interest remains strong, 30–35 IPOs could be completed this year.
Borsa Istanbul Signals Strong Start to the Year
Borsa Istanbul entered the new year with record levels and high trading volumes, fueling expectations for increased IPO activity. Among the IPO applications awaiting SPK approval—some dating back to October 2023—regulatory requirements for revenue and balance sheet size have been tightened, with thresholds increased by 50% compared to last year.
Despite these stricter conditions, only 18 companies completed IPOs in 2025. However, momentum has returned early in 2026, with three IPOs finalized and one more scheduled in the first weeks of the year.
Last Year Saw 18 IPOs
According to reporting by Şebnem Turhan of Ekonomim, Borsa Istanbul indices closed most of 2025 with returns below inflation. However, the new year began positively, supported by favorable inflation data signaling continued Central Bank policy rate cuts and expectations of renewed foreign investor interest.
Even as three companies collected demand last week, trading volume in the BIST 100 Index exceeded ₺250 billion, suggesting a strong outlook for equity markets in early 2026.
In 2025, the 18 IPOs raised approximately ₺45.15 billion (around $38 million). IPO activity slowed after market volatility triggered by political developments in March 2025, but resumed later in the year following renewed regulatory approvals.
Investor Demand for IPOs Rises
Arf Bio Energy shares, offered at ₺19.50, hit the daily price ceiling every session between January 5 and January 9, closing at ₺31.34. The IPO attracted nearly four times demand, with allocations made to more than 500,000 investors. The offering size totaled ₺916.5 million.
Last week, Meysu Food, Z GYO, and Formül Plastik also collected demand. Meysu Food received 8.5 times demand, with shares allocated to 648,003 investors. Its IPO size reached ₺1.31 billion, with an offering price of ₺7.50 per share. Meysu Food shares are set to begin trading on Borsa Istanbul tomorrow.
Formül Plastik Sets 15-Month Record
Formül Plastik’s IPO, priced at ₺30.24 per share, reached a size of ₺1.21 billion and attracted 7.7 times demand, marking the highest number of participating investors in the past 15 months. A total of 688,564 investors received allocations.
The company plans to use 70% of the proceeds for land and building investments to expand production and storage capacity, while up to 30% will be allocated to working capital.
Z GYO shares were offered at ₺9.77. If fully sold, the IPO size will reach ₺825.6 million, with a free float ratio of 40.1%. The company plans to allocate 40% of proceeds to debt repayment, 55% to investment properties, and 5% to working capital.
IPO Volume Exceeds ₺4 Billion Early in the Year
Excluding Z GYO, which is still awaiting final results, investor participation in three IPOs completed at the end of last year and early this year exceeded 500,000 investors each. While participation levels remain below the millions seen in previous years, market experts view the trend as encouraging.
This week, Üçay Engineering, approved by the SPK, will collect demand between January 14–16 at a fixed price of ₺18 per share. The IPO size is expected to reach ₺1.08 billion, bringing the total IPO volume in early 2026 to over ₺4 billion. The company’s free float ratio will be 26.67%.
Üçay Engineering plans to allocate 40–50% of proceeds to solar power plant investments, 5–10% to electric vehicle charging networks, 10–15% to expanding its branch network, and 30–40% to improving organizational efficiency and sustainability initiatives.
As of September 30, 2025, the company reported ₺1.94 billion in revenue and ₺445.6 million in gross profit.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök