Turkish firm Aselsan expects 3 billion liras in SPO

Turkish defence company Aselsan is offering 140 million shares at between 21.35 liras and 26 liras in a secondary public offering this week.

The sale, equivalent to 12.2 percent of the company’s shares as it increases the total number to 1.14 billion through the offering, could raise as much as 3.64 billion liras ($793 million), according to a statement by the company and current exchange rates.

Chief Executive Haluk Gorgun said he expected to raise more than 3 billion liras from the sale, according to Milliyet newspaper. Bids from investors will be collected on May 31 and June 1. Sixty percent of shares will be offered domestically while 40 percent will go to foreign investors, he said.

Turkish companies are having mixed success with share sales this year after the lira slumped against the dollar and foreign investors withdrew some capital from the economy on fears it is overheating and heading for a hard landing on the back of government stimulus measures.

Gorgun said interest from investors had been high during road shows the company has held in Turkey and abroad.