The IPO criteria for 2024 have changed.
Following the revaluation, the requirements for going public have also changed. Accordingly, for companies whose shares are offered to the public for the first time, if the market value of the shares to be offered (excluding the additional sale), calculated on the basis of the IPO price, is below TRY 500 million, 25% of the shares to be offered will be held ready for sale with shareholders' pre-emptive rights fully restricted.
For companies whose shares are offered to the public for the first time, depending on the market value of the shares to be offered (excluding the additional sale) calculated on the basis of the IPO price, intermediary institutions will be under an underwriting obligation to the company to purchase the unsold shares at the IPO price: for all unsold shares if the market value is below TRY 400 million, and, if it is between TRY 400 million and TRY 800 million, for all unsold shares up to TRY 400 million and half of the portion above that amount.
Following the update, companies to be offered to the public must have revenue of TRY 750 million and total assets of TRY 1.5 billion for year-end 2023.
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This publication is for general information only and is not a substitute for professional advice.