Feb 05 2018

BlackRock biggest investor in Turkish IPO – report

BlackRock, the world’s largest asset manager, bought the most shares in an initial public offering of Turkey-based Enerjisa, Bloomberg reported.

The price for the stake in the country’s largest electricity distributor, part-owned by E.ON of Germany, was at the bottom end of the expected range, the manager of the sale said in a statement. Bids received were almost five times more than the shares offered, Bloomberg said.

Fidelity Investments and Moon Capital Management LLP were also among 60 international institutional investors that participated. E.ON is a partner in the firm with Turkey’s Sabanci Holding, which is selling 20 percent of its stake in the offering.

The sale will raise about $395 million.

Turkish companies are betting that a surge in demand for equities in emerging markets will spur share sales this year.