Borsa Istanbul aims to hold IPO after release of Q2 results: Chair

Borsa Istanbul aims to hold IPO after release of Q2 results: Chair

ISTANBUL
Borsa Istanbul aims to hold IPO after release of Q2 results: Chair

Turkey’s Borsa Istanbul stock exchange aims to hold an initial public offering (IPO) when it releases its second-quarter results, company chairman Himmet Karadağ said on Feb. 20.

Last month, Karadağ said the bourse targeted an IPO in the second quarter but that the timing could change depending on the economic environment and political decisions.

In a meeting with a group of journalists on Feb. 20, Karadağ said Turkish President Recep Tayyip Erdoğan had given an order for 25 percent of the Borsa Istanbul stock exchange to be sold off in its IPO.

“We were planning to complete the IPO process as soon as we got ready. In a meeting with our shareholder EBRD, President Erdoğan asked for the finalization of the process in 2018 … Our aim is to complete the IPO process when we release our second quarter results,” Karadağ said, as quoted by Reuters.

The largest shareholder in Borsa Istanbul is the Turkish Wealth Fund (TVF) with 73.6 percent. The United States’ NASDAQ has a 7 percent stake and the European Bank for Reconstruction and Development (EBRD) has a 10 percent stake in the course.

The company chairman said the stock exchange aims at taking a third strategic partner from Asia or Gulf countries after the United States and Europe ahead of its IPO, adding that negotiations with the Islamic Development Bank (IDB) were underway.

He noted that the talks must be completed before the stock exchange hires a book-runner. Karadağ, who is also the acting president of the Turkish Wealth Fund, said the strategic plan of the fund was submitted to the Prime Ministry last week.

Borsa Istanbul, IPO, himmet Karadağ