PE-backed Sok to list on Istanbul Borsa

The listing could comprise up to 35% of its shares, with the IPO to complete in May 2018, according to media reports.

In a statement, Gözde Girişim said an application was made to the Istanbul Borsa on 14 March for the approval of its prospectus regarding the initial public offering of its shares in Sok Marketler.

The firm is the investment arm of Turkish food conglomerate Yildiz Holding, which owns Godiva chocolate and McVitie's biscuits. According to Kap, the Turkish public disclosure platform, it owns 39% of Sok Marketler. A private equity fund run by Templeton Asset Management has held 10% since September 2013.

Regulation changes in July 2017 have led to something of a revival of IPOs for Turkish assets. Two noteworthy IPOs led the way in June 2017, when Turkven-backed clothing company Mavi Jeans, valued at $500m, was listed on the Istanbul stock exchange. A month later the same GP also listed DP Eurasia, which owns and controls Domino's Pizza outlets in Russia, Turkey, Georgia and Azerbaijan, on the London Stock Exchange.

The flotations were the first in Turkey for private-equity-backed companies since Morgan Stanley-backed Ege Seramik floated in January 2013, according to Unquote Data.

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• Topics
• Exits
• CEE
• Consumer
• Turkey
• IPO
• Turkven Private Equity