Borsa Istanbul IPO may be delayed if required: CEO
ISTANBUL - ReutersA planned initial public offering (IPO) by Borsa Istanbul that was originally planned for the second quarter of next year may be delayed if necessary due to downward factors, the exchange’s chief has said.
“The latest fluctuations in global markets and mainly in Chinese stocks have affected all of us. It is not possible to act independently from the world situation. We cannot say our planned IPO will take place on the exact date we had announced earlier. We cannot say we’ll launch an IPO because of all the bad factors,” said Borsa Istanbul CEO Tuncay Dinç.
He noted that many IPOs were experiencing a downward trajectory at the moment.
“Based on the existing calendar, we’ll hold the IPO in the second quarter of the next year, but this may be delayed if required,” he said.
Turkey authorized the sale of as much as 42.75 percent of the exchange in 2014.
Dinç noted that the IPO price needed to be set by the cabinet.
“Yet the existing cabinet cannot make such a decision. There is an interim government in place now, and its term will expire as soon as a new government is established after the Nov. 1 elections. This is another issue,” he said.