Investors eye new public offerings on Borsa Istanbul

ISTANBUL  

Investor attention has turned to companies preparing to list on Borsa Istanbul after Türkiye’s Capital Markets Board (SPK) approved the initial public offerings of five companies with a combined size of 12.2 billion Turkish Liras ($262 million).

The number of companies receiving IPO approval in the first half of the year has already surpassed the total number of public offerings recorded in all of last year. A total of 18 companies completed IPOs in 2025, raising 45 billion liras in proceeds. Since the beginning of 2026, the SPK has approved the public offerings of 17 companies and five additional approvals were granted last week. With these latest approvals, the number of IPOs approved this year has risen to 22.

According to SPK data, the total proceeds expected to be generated from the 22 public offerings approved during the first six months of the year are projected to reach 39.3 billion liras. Market participants are now closely monitoring the companies that are preparing to launch their offerings and begin trading on the stock exchange.

Information published in the SPK’s latest weekly bulletin showed that the regulator approved the public offering applications of Orzaks İlaç, Ekim Turizm, Soho Giyim, İsvea Seramik and Golda Gıda. The approvals marked the latest step in a year that has already seen a significant number of companies receive permission to access capital markets through public offerings.

With the addition of these five companies, investors are expected to face a busy week in terms of book-building and demand collection processes. The recent approvals have increased the number of offerings available to investors and added to the IPO activity that has continued throughout the first half of the year.

In recent years, as investors have searched for returns capable of keeping pace with high inflation, equities and public offerings have emerged as a prominent investment alternative.

Nearly one-third of the companies currently traded on Borsa Istanbul have gone public during the last six years, reflecting the growing role of capital markets in corporate financing and investment activities.

At the same time, IPOs that fail to meet investors’ return expectations may encounter difficulties in attracting sufficient demand. In some cases, these conditions can lead companies to postpone their public offering plans until market conditions become more favorable.

Türkiye witnessed a record 54 IPOs in 2023. The number then declined to 34 companies in 2024 and fell further to 18 in 2025. Despite the moderation in investor demand compared with previous years, companies have continued to show strong interest in going public and raising funds through capital markets.

According to SPK data, 142 companies are currently waiting in line for regulatory approval for their public offerings. The main factors supporting this continued interest in IPOs are cited as efforts to reduce debt burdens and secure financing for new investment projects, underscoring the ongoing importance of public markets as a source of corporate funding.