Finance Turkey’s regulator approves largest IPO since 2018 By Pramod Kumar October 16, 2023 Borsa Istanbul The proceeds of TAB Gıda’s IPO will be used to finance new restaurants, a solar plant, and reduce financial debt Turkey’s market regulator has given the nod to launch food services company TAB Gıda’s floatation on the Borsa Istanbul bourse. The initial public offering (IPO) will be the “largest in dollar terms since 2018”, Daily Sabah newspaper said. The company will float about 20 percent, or 52.5 million, of its shares at 130 lira each, the newspaper reported, citing the Capital Markets Board (SPK) statement. It expects to raise 6.85 billion lira ($247 million). Sustained rate hikes fail to reverse Turkish lira slump Turkey and Egypt can trip up Gulf lenders says analyst Turkey’s bounced cheques, loan and card defaults soar The IPO proceeds will be used to finance new restaurants, a solar plant, and reduce financial debts. TAB Gıda holds franchise rights for Burger King, Popeyes, Subway and others in the country, operating 1,500 fast-food restaurants. The company’s revenue rose to 8.62 billion lira in 2022, up 125 percent year-over-year. Net income stood at 361.8 million lira. The Borsa Istanbul Stock Exchange witnessed 36 IPOs in the first nine months of 2023 worth more than $2 billion and is on track to be the highest since 2007. In 2022, there were 40 IPOs worth about 19.3 billion liras, compared to 52 listings in 2021, according to the bourse data.