Jan 22 2018

Turkey set for $4 billion IPO bonanza – report

Turkey may experience the best year yet for share sales despite a military incursion into Syria and concern over company debt, Bloomberg reported.

The sales could reach $3 billion to $4 billion, the news wire said, citing brokers' estimates.

Major power company Enerjisa Enerji and Sok Marketler Ticaret, a discount grocery chain, are about to tap the stock market as it becomes increasingly difficult for firms to raise financing via traditional means such as loans.

Appetite for emerging market assets, which has increased so far this year, will help boost the share sales, Bloomberg said.

Turkish stocks are also cheap compared with emerging market peers due to double-digit inflation, the prospect of early elections and the government’s fraught relations with the United States, the news agency said citing data it provided.

Turkish companies owe a record $326 billion of foreign-currency debt, which has become more expensive after the lira weakened.

Hospital chains Medical Park and Istanbul Memorial also plan to sell stock, as do luxury brands retailer Beymen and clothing retailer DeFacto, it said.

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