Skip to content Skip to Search
Skip navigation

Turkey’s regulator approves largest IPO since 2018

By Pramod Kumar
The proceeds of TAB Gıda’s IPO will be used to finance new restaurants, a solar plant, and reduce financial debt 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).

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.

Latest articles

Railway, Transportation, Gravel

Work set to start on $3bn Oman-UAE rail network

Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, a local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s […]

Acwa power uzbek

Acwa Power builds Uzbekistan portfolio with $5bn deal

Saudi energy major Acwa Power has signed a power purchase agreement (PPA) worth nearly $5 billion with the state-owned National Electric Grid of Uzbekistan for the 5-gigawatt (GW) Aral wind independent power producer (IPP) project – the largest wind farm in Central Asia. The wind IPP is the Saudi-listed renewable company’s 15th project in Uzbekistan, a country that […]

Aramco rigs in the Hasbah oil field. It uses AI for oil exploration and underwater operations

Aramco leads the pack in oil and gas AI investments

Saudi Aramco invested around $3.5 billion in research and development last year and leads in adopting artificial intelligence, as it rivals its regional peers in the adoption of new technology. The world’s largest energy company was active in more than 250 areas, such as AI, drones, robotics, electric vehicles and hydrogen technology, a GlobalData report […]

Sora Beach Residences on Al Marjan Island will span a built-up area of 1.8 million square feet

New $1bn Ras Al Khaimah project to have 140-foot arch

A new AED4 billion ($1.1 billion) residential development on Ras Al Khaimah’s man-made archipelago will house a 140-foot-high arch, its developer has said.  Sora Beach Residences on Al Marjan Island is slated to have one the “grandest atriums ever seen in the region”, Dubai-based Aark Developers said in a statement. The 18-floor high project will span […]