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6.2 Central Bank policy rate
6.3 Stock market
In 2021, IPOs on the Borsa Istanbul have become the leading market anomaly in Turkey (See Section 5.3 for IPOs). In recent years, global markets have not suffered from a lack of market anomalies.
In 2020, Istanbul-listed small cap stocks offered huge returns and IPOs emerged as the new "kitsch". In 2021 to date, small caps have lost momentum but IPOs have not.
All the held IPOs are for small cap companies and they enjoy huge demand. Generally, owners sell existing shares and take the money, rather than the companies via capital hikes.
Due to huge demand, each participant receives just a few shares. Following the IPO, share prices skyrocket when trading starts on the market.
In March, Turkey fined banks including Goldman Sachs, Bank of America and JPMorgan over irregularities in short selling in July 2020.
27 TURKEY Country Report May 2021 www.intellinews.com
