PE-backed Sok readies for Istanbul IPO

The offering is expected to aim for a minimum of around TRY 2.6bn (€520.6m) in primary proceeds, with the number of ordinary shares to be issued and any sell-down of shares by existing shareholders announced at a later stage.

Trading of the shares is expected to start in May 2018. A customary lock-up period of 180 days will commence from the date of trading on the Istanbul stock exchange.

Bank of America Merrill Lynch, Credit Suisse, JP Morgan and Ünlü Menkul Değerler are acting as joint global coordinators. Citigroup is acting as global bookrunner and Garanti Yatırım Menkul Kıymetler is domestic bookrunner for the offering.

The company 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.

Sok Marketler operates 5,100 stores, 24 warehouses, and employs a staff of 24,255. It reported revenues of TRY 9.5bn (€1.9bn) in 2017.

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• Topics
• Exits
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• IPO