Yıldız Holding’s dairy unit applies for IPO of up to 45 percent

ISTANBUL

Ak Gıda, the dairy unit of Turkey’s largest food group Yıldız Holding, said on March 13 that it had applied to the Capital Markets Board (SPK) for an initial public offering (IPO) of up to 45 percent of the company.

Ak Gıda’s sales increased by 16.7 percent last year to 2.04 billion liras ($787 million) with exports to 41 countries, mainly in the Middle East market, the company said in an emailed statement.

Yıldız Holding bought U.K.-based cookies and snacks maker United Biscuits in November 2014, in a deal it said made it the world’s third-biggest biscuit maker and would help it expand into new markets.

Yıldız Holding bought premium chocolate maker Godiva for $850 million in 2007 and DeMet’s Candy Company, the U.S. maker of Flipz chocolate pretzels and Turtles covered nut clusters, for $221 million in 2013.