The rush for initial public offerings in Turkey shows no signs of abating, with nearly 100 companies awaiting approval to list next year.
The expected surge will follow a bumper year, with about 50 companies expected to debut on Borsa Istanbul by end-2023, Ibrahim Omer Gonul, head of Turkey’s Capital Markets Board, said in an interview with Bloomberg.
However, Gonul warned it was important to manage the pace of IPO approvals to ensure the market can absorb the new shares. He does not anticipate 100 IPOs will materialize next year, and instead sees about 50 listings being approved annually in the foreseeable future.
“Completing IPOs too fast may not necessarily be a good idea. It’s important to look at the state of the market, the conjuncture, whether there will be enough demand to complete the listings,” he said.
Turkey’s IPO boom has made it one of the largest listing venues in Europe, the Middle East and Africa this year, with 49 companies completing the listing process so far this year to raise a total of about 66 billion liras, or $2.9 billion, based on the average exchange rate this year. That surpasses all previous years, in US dollar terms as well as in local currency, in records going back to 2010 on the Turkish Capital Markets Board’s website.
No comments:
Post a Comment