Sale of Turkish Telekom shares becomes record IPO

Bloomberg - Turkey raised 2.42 billion liras ($1.9 billion) in the initial public offering of a 15 percent stake in fixed-line phone company Turk Telekomunikasyon AS, making it the country's biggest IPO. Turkey sold Turk Telekom shares for 4.60 liras ($3.66) each, close to the top range of 4.70 liras, Metin Kilci, the head of Turkey's asset sales agency, told reporters in Ankara. International investors bid for 4.3 times the stock on offer, and domestic investors for 4.7 times the available shares, he said. “The strong international demand signals that there are more people who want to buy when Turk Telekom shares start trading,” said Toygun Onaran, an analyst at EFG Istanbul Securities.