Turkven, Earlybird to reduce Mikro Yazilim stakes in upcoming IPO

Mikro Yazilim, a Turkey-based software company, intends to float a 54.34% stake on Borsa Istanbul with a greenshoe option of an additional 8.15%, according to its prospectus.

Dash Software, the Netherlands-based SPV jointly owned by Turkven and Earlybird, currently holds a 73.76% stake in the software company. Turkven holds a 63.6% stake, with Earlybird holding a 10.1% stake.

Dash Software will sell up to 46.1% of its shares and is expected to retain a 27.66% stake after the IPO, assuming that the overallotment option is exercised.

Other shareholders expected to significantly dilute their stakes include Izzet Murat Sakarya (currently with a 10.08% stake), Alpaslan Tomus (8.33%), Kadir Keskin (5.10%), Xiang Yu (1.47%) and Andac Turkmen (1.26%).

Yapi Kredi and Isbank are mandated as consortium leaders in the IPO, while Baseak is acting as legal adviser.

Turkven (via its Turkish Private Equity Fund III) and Earlybird acquired a majority stake in Mikro Yazilim from co-founders Mete and Jale Onal in 2017. The company has made five acquisitions since then, including marketplace integrator Shopside in 2020 and regulation technology company MevzuatTR earlier this year.

Mikro Yazilim posted revenues of TRY 170m in the first three quarters of 2021, with a 65% growth from the same period of the previous year and an EBITDA margin of 54%.

The software developer's chairperson, Goktekin Dincerler, was cited as saying that the group has 100,000 clients, and a workforce of 420, with 120 R&D staff. The IPO is intended to help boost its corporate structure and better fulfill its growth potential, according to a previous report.

Turkven has previously listed one of its portfolio companies (DP Eurasia) in London and two more (Mavi Jeans and Medical Park) in Istanbul over the last four years.

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