Turkey’s Trabzonport public offering price set

Turkey’s Trabzonport public offering price set

ISTANBUL - Reuters
Turkey’s Trabzonport public offering price set

The initial public offering (IPO) price of Turkey’s Trabzon Port was set at 15.5 liras a share, the port operator said on Jan. 4, valuing the listing at 97.7 million liras ($26 million).

Trabzon Port, which operates the port in the northeastern Turkish city of Trabzon, is, in turn, operated by Turkey’s Albayrak Group, which has interests in construction and media.

Following the listing of Trabzon Port, Albayrak aims to list all of its group companies, Chief Executive Ömer Bolat said at a news conference in Istanbul.

The Trabzon Port listing is due to be completed this month. The IPO price values the port operator at 325.5 million liras, Trabzon Port said.

Turkey’s public offering market has gained momentum lately with planned large IPOs lined up for 2018. Foreign investor interest dimmed after the 2016 coup attempt, which caused some firms to postpone plans for listing.

Last year, private equity firm Turkven listed jeans retailer Mavi, a 1.17 billion lira floatation that was widely seen as a test of international demand. The shares have surged some 30 percent since its June listing.

Initial public offering of large firms like energy distributor Enerjisa and healthcare provider Medical Park as well as the stock exchange Borsa Istanbul are planned to be completed this year.