Turkey’s Biggest IPO in Years Back on Track After Pandemic Delay - Bloomberg
Turkish energy group Aydem Holding AS is gearing up for an initial public offering of its renewable-electricity producer next quarter that could value the unit at as much as $1.5 billion, according to people with knowledge of the matter.
The re-branded company, formerly known as Bereket Enerji, has revived plans to sell shares in Aydem Yenilenebilir Enerji AS a year later than first anticipated after the coronavirus outbreak turned off investors, said the people, who asked not to be named because the information is confidential.
Aydem Holding, which last year clinched the second-biggest debt restructuring deal with lenders in Turkey, is expecting to raise around $300 million, they said. Advisers are in place for an IPO in Istanbul that will be open to international and domestic investors, which will be based on the company’s Sept. 30 financial statements, said the people.
If the IPO materializes, it will be the biggest share offering in Turkey since discount grocer Sok Marketler Ticaret AS raised $595 million in mid-2017.
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