Turkey’s Mavi Jeans sets sail on Borsa Istanbul
ANKARA/ISTANBUL-Anadolu AgencyTurkey’s Mavi Jeans on June 15 floated on Borsa Istanbul with a share price of 43 Turkish Liras (over $12), giving the company a market capitalization of over $700 million.
The clothing manufacturer’s shares jumped by four percent to 44.76 liras before the break in trading.
“We trust Turkey, which has an excellent textile ecosystem and young population ... We will make ‘Mavi’ a true global brand,” the company’s chief executive, Cüneyt Yavuz, said at a gong ceremony at the Istanbul stock exchange.
Mavi Jean’s IPO, which was the largest in Istanbul for four years, was held on June 8-9. Nearly 74 percent of shares were bought by foreign corporate investors.