Türkerler Holding’s electricity distribution and retail subsidiary will offer shares at TRY 136 each on August 12-14
Türker Vangölü Enerji Yatırım A.Ş. (Türker VEYAŞ), the electricity distribution and retail company owned by Türkerler Holding, is preparing to go public on Borsa Istanbul, with the bookbuilding process scheduled for August 12-14 at TRY 136 per share.
The IPO will be led by a consortium headed by Halk Yatırım, Vakıf Yatırım and Ziraat Yatırım. A fund equivalent to 70% of the IPO size will be allocated for price stabilization transactions, aimed at supporting investor confidence following the listing.
IPO Size Expected at TRY 8.84 Billion
As part of the offering, Türker VEYAŞ will increase its capital from TRY 529.35 million to TRY 566.85 million.
A total of 65 million shares with a nominal value of TRY 65 million will be offered to investors. Of these, 37.5 million shares will be issued through a capital increase, while 27.5 million shares will be sold by existing shareholders.
The IPO is expected to raise approximately TRY 8.84 billion. If the additional sale option is fully exercised, the total number of shares offered will rise to 77.5 million, increasing the IPO size to approximately TRY 10.54 billion.
The public offering ratio will be 11.47%, excluding the additional sale, and 13.67% if the additional sale is fully exercised.
60%-70% of IPO Proceeds to Fund Investments
Türker VEYAŞ plans to allocate 60%-70% of the proceeds from the IPO toward financing investment expenditures, while the remaining 30%-40% will be used to strengthen working capital.
The company also plans to maintain price stability through a fund equivalent to 70% of the IPO size.
In addition, controlling shareholders will not sell shares or carry out transactions that increase the public float for one year following the start of trading on Borsa Istanbul.
The company is expected to be listed on Borsa Istanbul’s Yıldız Pazar (Star Market).
More Than TRY 30 Billion Investment Planned Over Five Years
Türker VEYAŞ acquired the operating rights of Vangölü Elektrik Dağıtım A.Ş. (VEDAŞ) in 2013 as part of Türkiye’s privatization program.
The company has since invested approximately TRY 31 billion in the region over 13 years, helping reduce its electricity loss and theft rate from around 70% before 2013 to approximately 23%.
Türker VEYAŞ currently has an annual investment plan worth approximately TRY 6.3 billion and aims to invest more than TRY 30 billion over the next five years.
Company Serves Nearly 900,000 Distribution Customers
Through its subsidiaries, Türker VEYAŞ operates across electricity distribution, retail sales and energy-related services.
Its distribution subsidiary VEDAŞ, retail company VEPSAŞ and service company LİNA operate across Van, Muş, Bitlis and Hakkari, a region with a population of approximately 2.1 million.
As of March 31, 2026, the group provided electricity distribution services to 894,544 consumers and retail electricity services to 900,168 consumers. The group employs more than 2,000 people.
Revenue Reaches TRY 26.6 Billion
Türker VEYAŞ reported TRY 26.6 billion in revenue in 2025, representing an annual increase of 8.3%.
Its equity reached TRY 15.5 billion at the end of 2025, accounting for 48.8% of total resources.
As of March 31, 2026, total assets exceeded TRY 30 billion. Revenue in the first quarter increased 13.6% year-on-year to TRY 5.7 billion, while gross profit reached TRY 2.4 billion, corresponding to a gross margin of 42.8%.
Türkerler’s Renewable Energy Company Also Planned for IPO
Türker VEYAŞ Chairman Murat Papila said the IPO represents a strategic step toward the company’s next phase of growth and will strengthen its investment capacity.
Following Türker VEYAŞ’s IPO, Türkerler Holding also plans to take its renewable energy generation company public, according to the company.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök