ISTANBUL — Savur Gayrimenkul Yatırım Ortaklığı A.Ş. (Savur GYO) is set to go public with an initial public offering (IPO) worth approximately TRY 1.1 billion, with book-building scheduled for Feb. 26–27 and March 2, following approval from the Capital Markets Board.
The shares are planned to be traded on Borsa İstanbul under the ticker symbol SVGYO. Within the scope of the IPO, the company will offer a total of TRY 295.4 million nominal value of Class B shares to investors. Of this amount, TRY 208.4 million will come from a capital increase, while TRY 87 million will consist of shares sold by existing shareholders Mehmet Ali Yıldıran and Mehmet Sami Yıldıran.
Following the offering, the company’s issued capital will rise from TRY 874.6 million to TRY 1.083 billion, with a free float ratio of 27.12%.
The IPO will be led by Tera Yatırım Menkul Değerler A.Ş. at a fixed price of TRY 3.64 per share and will be conducted using an equal distribution method for retail investors. The company has committed to a one-year lock-up period for both shareholder and issuer sales.
Strong Balance Sheet and Debt-Free Structure
Entering the IPO process with a solid balance sheet, Savur GYO reported total assets of TRY 4.166 billion and total equity of TRY 3.037 billion. The company stands out with its high equity ratio, debt-free and disciplined financial structure, as well as sustainable cash flow generated from tourism and rental income, much of it denominated in foreign currency.
The company plans to allocate 85% to 100% of IPO proceeds toward project financing, new investments and value-enhancing expenditures for existing assets, with the remainder earmarked for working capital.
Tourism-Focused Portfolio in Istanbul’s Historic Peninsula
Savur GYO generates regular income from four hotels located in Istanbul’s Historic Peninsula, one of the city’s busiest tourism hubs. Its portfolio includes:
- Ramada Grand Bazaar
- Orientbank Hotel Istanbul, Autograph Collection
- Orient Occident Hotel Istanbul, Autograph Collection
- Hotel Sultania Boutique Class
In addition, the company owns income-generating commercial real estate assets, the İV Kandilli residential project located in Istanbul’s Kandilli neighborhood, and a high-potential land plot in Küçükçekmece.
Given that Turkey generated $65 billion in tourism revenue and hosted 63 million visitors in 2025, the central location of Savur GYO’s hotels in Istanbul’s Historic Peninsula supports its foreign currency-based income model.
Growth Vision Under Third-Generation Leadership
Savur GYO executives emphasized that the IPO marks not only a financial milestone but also the beginning of a new growth phase under third-generation leadership.
Board Member Yasin Yıldıran said the company aims to use IPO proceeds efficiently to finance new investments and strengthen operations, while maintaining a transparent and sustainable corporate governance approach.
Board Member Fırat Yıldıran highlighted that Savur GYO enters the IPO as a debt-free REIT with both project development and recurring operational income capabilities, supported by a strong tourism portfolio in prime locations.
Expansion in Residential and Mixed-Use Projects
The company is also expanding in the residential segment. Its first housing project, İV Kandilli, is positioned as a value-focused investment opportunity. The project consists of four blocks and 96 apartments on an 8,000-square-meter plot overlooking the Bosporus.
Beyond Kandilli, Savur GYO plans to develop a new mixed-use project on its land investment in Istanbul’s Küçükçekmece district, an area benefiting from airport connection roads, metro investments and urban transformation initiatives, offering high value appreciation potential.
With its diversified portfolio, foreign currency income model and disciplined financial structure, Savur GYO aims to offer investors sustainable returns and long-term value creation as it debuts on Borsa İstanbul.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök