In bulletin No. 2025/68 of 31 December 2025 published by the Capital Markets Board (CMB), the financial criteria required for IPO applications were reset for companies applying to go public in 2026. By decision of the CMB, the total asset and net sales revenue thresholds have been raised significantly.
For IPO applications made in 2026, the key thresholds that applicant companies must meet on the basis of their audited financial statements for the last two years have been updated as follows:
| Year | Total assets (minimum) | Net sales revenue (minimum) |
|---|---|---|
| 2025 | TRY 3,600,000,000 | TRY 1,800,000,000 |
| 2024 | TRY 2,400,000,000 | TRY 1,200,000,000 |
The financial statements used for 2026 applications are those calculated in terms of purchasing power as at 31 December 2025 and 31 December 2024.
The CMB's and Borsa Istanbul's new IPO strategy
With the new thresholds, the CMB's and Borsa Istanbul's IPO processes have become more selective:
✔️ Companies aiming to go public will now enter the market with larger-scale financial structures. ✔️ The increase aims to strengthen the quality of IPOs and investor confidence.
The CMB's sector-specific relief continues
The CMB will continue to apply reduced IPO criteria for companies operating in certain sectors (such as energy, chemicals, defence, agriculture and advanced technology).
The reduced thresholds for 2026 are as follows:
| Year | Total assets (minimum) | Net sales revenue (minimum) |
|---|---|---|
| 2025 | TRY 1,800,000,000 | TRY 900,000,000 |
| 2024 | TRY 1,200,000,000 | TRY 600,000,000 |
Why do these changes matter?
The CMB's threshold increase was made to support sustainable growth in the IPO market, increase transparency and raise the quality of companies entering the capital markets.
The new thresholds reshape IPO dynamics in Türkiye from 2026 so that the market is more selective and open to stronger players.
The financial thresholds raised for 2026 make the IPO process much more selective not only in terms of size, but also financial quality, reporting discipline and corporate maturity. At this point, it is critical for companies to work with audit teams that not only ensure regulatory compliance but can also read the IPO process end to end and have first-hand experience of CMB and Borsa Istanbul expectations.
Companies preparing for IPOs recently have been seen to need a perspective beyond the traditional audit approach on matters such as subjecting their financial statements to an IPO stress test in advance, interpreting TFRS requirements on a sector basis and structuring the audit process around likely CMB questions and requests.
In this context, we have clearly entered a period in which audit approaches that do not merely "audit" but manage the process strategically and prepare the company for the realities of an IPO come to the fore. Indeed, most companies that have completed their IPO journey smoothly in recent years are observed to have worked on the audit side with teams with strong regulatory literacy, deep TFRS expertise and capital markets practice.
With the 2026 criteria, for companies aiming to go public, the audit is no longer just an obligation; when structured correctly, it has become a strategic element that determines the outcome of the process.
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This publication is for general information only and is not a substitute for professional advice.