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bne December 2017 Companies & Markets I 17
Turkish conglomerate Sabanci plans IPO for energy unit Enerjisa
bne IntelliNews
Sabanci Holding, one of Turkey’s largest conglomerates, said on November 15 that it plans an Istanbul stock exchange initial public offering (IPO) for up to 20%
of its energy unit Enerjisa in February.
Enerjisa will sell 18%, or 212.6mn shares, with an option to sell another 2%, or 23.6mn shares, Sabanci announced in a filing with the stock exchange.
Enerjisa is a 50:50 joint venture between Sabanci and Germany's E.ON. In March this year, the two companies struck a deal to restructure Enerjisa and its subsidiaries.
The company distributes power to some 20mn customers in Turkey.
Revenues of the electricity distributor increased to TRY8.59bn (€1.9bn) in the first nine months of 2017 from TRY6.9bn a year earlier. The company’s net income was TRY454mn across January-September versus TRY422mn in the same period of 2016.
Shares in Sabanci Holding rose more than 3% on November 15 following the IPO announcement.
Borsa Istanbul’s chairman Himmet Karadag said on November 14 that preparations were under way for around 12-13 large-scale IPOs on the Istanbul stock exchange next year.
Seymur Tari, CEO of private equity firm Turkven, which listed jeans fashion retailer Mavi in June, told Reuters in
“Preparations were under way for around 12-13 large-scale IPOs on the Istanbul stock exchange next year”
October that Turkven was planning an IPO in 2018 to offer a stake of around 50% in its hospital chain unit Medical Park Group.
The listing of Medical Park could be worth around $1bn, Tari said.
This week, TFI TAB Gida, the exclusive franchisee for Burger King in Turkey and China, filed with the SEC to raise up to $400mn in an IPO in New York.
“Enerjisa’s revenues were up fifth in the first nine months of 2017 to TRY8.59bn (€1.9bn)”
Clothing retailer De Facto hired Citigroup Inc. and HSBC Holdings Plc in advance of a planned IPO next year, people familiar with the matter told Bloomberg in October.
In September, Baskent Dogalgaz Dagitim, a company that distributes natural gas in Ankara, applied to the Capital Markets Board to list a stake of up to 28.75% on the Borsa Istanbul.
Sok, one of Turkey’s largest hard-discount chains, plans an IPO in 2018, sources familiar with the matter told Reuters in August.
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