Turkiye: Regulator approves Tab Gıda’s public offering

The Capital Markets Board (SPK) has approved an initial public offering by Tab Gıda that will be the largest Turkish lira-denominated IPO ever in Türkiye.

The company will float around 20 percent of its shares at 130 liras each ($4.68), according to a bulletin the SPK issued on Oct. 12.

Tab Gıda is expected to raise as much as 6.85 billion lira ($247 million) in the IPO.

The company holds franchise rights for several brands, including Burger King, Popeyes, Arby’s, Sbarro and Subway.

The size of the secondary public offering by public lender Halkbank launched in 2012 was 4.51 billion liras. The other largest Turkish-lira denominated public offerings in Türkiye included Ahlatçı Doğalgaz’ IPO at 3.48 billion liras, Enerya Enerji’s public offering at 3.46 billion liras.

The size of the IPOs launched by Akfen Yenilenebilir Enerji and CW Enerji were 3.34 billion liras and 3.26 billion liras. Bien Yapı Ürünleri raised 3.1 billion liras in an IPO.

The number of public offerings has increased significantly this year,luring tens of thousands of new investors to the stock exchange.

Some 80 companies are planning to launch public offerings (IPO), İbrahim Ömer Gönül, the head of the SPK said earlier this month.

Last year, the authorities approved 44 IPO prospectuses, and the size of the funds collected through those public offerings amounted to 23.1 billion liras, according to Gönül.

The Turkish capital markets saw a record number of transactions in 2021, he said, noting that a total of 52 IPOs were launched that year, and those companies raised 21.6 billion liras from public offerings.

“The number of investors in the stock exchange was 2.4 million in 2021 but soared to 7.8 million as of the end of September,” Gönül said.


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