Investor interest ran high in Turkish IPOs in 2010, record levels expected in 2011

Hurriyet Daily News - Last year’s initial public offerings (IPOs) by Turkish companies have placed the Istanbul Stock Exchange (ISE) among the best performing stock markets of 2010.


The bourse ranked among the highest yielding according to the Publicly Traded Partnership Managers Association (KoteDer), which has just released its first annual report on the Istanbul Stock Exchange (ISE).


The report stated that in the past year, the bourse had 22 initial IPOs – the highest number of IPOs since 2001 -- creating a resource of TRY 3.1 billion for companies.


Real estate investment trusts (REITs) took the biggest share in IPOs in 2010, at 54 percent. These were followed by mining, at 22 percent, and food at 6 percent.


Six of the 22 IPOs of 2010 involved REITs. Among these, Emlak Konut REIT’s public offering was the biggest of the year and the fifth largest in the ISE’s history.


In the past ten years, share sales to foreign investors in IPOs stood at between 41 percent and 69 percent, according to the report. In 2010, the figure stood at 51 percent. The company that foreign investors were most interested in was Emlak Konut REIT, as 75 percent of the shares offered were purchased by foreigners.


The association expects large IPOs in 2011, forecasting that the IPO volume will exceed TRY 10 billion, up from TRY 3.1 billion in 2010.

turkey; ise; istanbul stock exchange; public offerings; ipo; turkish companies ipo; istanbul bourse