Retailer chain Teknosa starts IPO book building

Retailer chain Teknosa starts IPO book building

ISTANBUL - Hürriyet Daily News
Retailer chain Teknosa starts IPO book building

Consumers crowd a newly opened Teknosa store in Gaziantep in the south. AA photo

Teknosa, the consumer electronic retailer arm of leading Turkish industrial conglomerate Sabancı Holding, is going public, and the book building for the initial public offering (IPO) will take place
on May 9, 10 and 11, according to the company.

Ak Yatırım, another Sabancı subsidiary, leads the consortium of 28 brokerage houses participating in the IPO. The price bracket is 7 and 8.25 Turkish Liras.

First in 13 years

Teknosa will be the first company within the holding to go public in 13 years, said Haluk Dinçer, the retail and insurance group president, according to the written statement.

“We aim to contribute to the transparency of the Sabancı portfolio and empower the corporate governance of Teknosa with its initial public offering,” he said.

Work was in progress since 2011 to prepare for the IPO, he added.

Teknosa is present in 74 provinces with its 274 stores in Turkey, said Mehmet T. Nane, the general manager of Teknosa.

The ratio of the stakes that will be offered is 10 percent but may increase up to 11.5 percent with additional sales, according to the statement.