Priority Criteria for Concluding Initial Public Offering Applications

With Principle Decision i-SPK 128.30, published in Weekly Bulletin No. 2026/53, the Capital Markets Board set the criteria for giving priority when concluding initial public offering applications. Applications from companies that meet at least one of the criteria and request priority may be concluded without being subject to the existing queue.

Important note: priority means the application is assessed without waiting in the queue; it does not mean the offering will be approved.

1. City-based criterion

All three of the following conditions must be met:

• The company's head office has not changed in the last 5 years,
• The city of the head office is the same as the city of the facilities or offices generating more than half of revenue,
• The company is the first company from that city to be traded on the exchange.

2. Public control

Management control belongs, directly or indirectly, to the Ministry of Treasury and Finance, the Turkey Wealth Fund or public institutions.

3. Large-scale and international offering

All four of the following conditions must be met:

• The market value of the shares to be offered exceeds TRY 15 billion,
• At least 50% is allocated to foreign investors,
• The offering is structured in line with generally accepted international regulations in addition to capital markets legislation,
• A draft document set prepared in a foreign language is submitted to the CMB.

If you are planning an IPO, take a look at our IPO audit service.