Turkish retailers cancel IPO due to low demand

Turkish retailers cancel IPO due to low demand

ISTANBUL
Turkish retailers cancel IPO due to low demand

Turkish retailers DeFacto and Beymen have canceled their initial public offering, citing low demand stemming from recent high volatility in emerging markets.

In a statement to the Istanbul stock exchange overnight on May 4, İş Yatırım Menkul said DeFacto’s board “will evaluate the transaction in the future.”

A draft prospectus revealed in March that DeFacto aimed to list up to 29.81 percent of its shares.

In a statement late on May 4, Boyner Retail and Textile Investments said they would delay an IPO for Beymen, citing “low demand amid fluctuations in the global financial markets.”

A draft prospectus revealed that Beymen, which sells about 600 international fashion brands in more than 80 outlets across Turkey, aimed to list up to 49 percent of its shares on May 3-4.

IPOs from energy firm Enerjisa Enerji, private hospital MLP Sağlık and port operator Trabzon Port have raised a combined $762 million.

IPO, Beymen, DeFacto, Turkey, economy