Oktay ÖzdabakoğluISTANBUL / Radikal
Asil Çelik was valued at $24.8 billion on the Istanbul Stock Exchange’s Free Trade Platform (SİP) on July 27 outshining Garanti Bank, Akbank and telecom giants. Hürriyet photo
Asil Çelik, which began trading on the Istanbul Stock Exchange’s Free Trade Platform (SİP) on July 27, has been valued at $24.8 billion, even surpassing Turkey’s Garanti Bank’s $16.6 billion market value. Turkey’s other leading bank, Akbank, has a market value of $14.4 million and even telecom giants like Türk Telecom and Turkcell have market values of $14 billion and $12.5 billion, respectively.
Asil Çelik was valued so highly because of the platform in which it trades. Previously, other companies that had begun trading on the SİP also saw their shares rise significantly in their first days of training. Ostim, for example, saw its shares rise 701 percent in its first five trading days. Similarly, Halk Sigorta witnessed a 284 percent rise in its first three days on the platform. Merit Turizm, which began trading on this platform in July, saw its shares increase by 785 percent in 15 days.
Supplies auto giants
Asil Çelik is built on a 570,000 square meter lot and has the capacity to produce 485,000 tons of liquid iron and 410,000 tons of hot mill per year. Some 70 percent of the company’s production goes to the automotive sector with customers like Renault, Fiat, Bosch, Volvo, Caterpillar, and FAG Rulman.
The SİP is the platform where unlisted companies’ shares are traded. The SİP reads the investors bid and offers four times during the day to fix or to set the final and official prices.