Capital Markets Board Decides to Prioritize Initial Public Offerings Meeting Certain Conditions
The Capital Markets Board announced that initial public offering applications that meet at least one of the three specified criteria and are requested by the issuer will be exempt from the website ranking and processed with priority.
The Capital Markets Board (CMB) has announced that if at least one of three specific criteria is met and requested by the partnership, priority will be given to public offering applications regardless of the ranking on the website.
Principles of Priority Evaluation
According to the statement made by the Capital Markets Board, priority will be granted in the public offering applications of companies meeting certain conditions, and this process will be carried out independently of the ranking published on the website.
City and Production Criterion
It is required that the company be the first partnership to go public and be traded on the stock exchange in the city where its headquarters and production facilities—from which more than 50 percent of its revenue is generated—are located, provided there has been no change in the last 5 years.
Public Control Criterion
Priority will also be provided in cases where the management control of the applicant partnership is directly or indirectly owned by the Ministry of Treasury and Finance of the Republic of Turkey, the Turkey Wealth Fund Management Inc., and public institutions.
High Market Value and International Condition
If the market value of the shares to be offered to the public exceeds 15 billion TL and a minimum allocation of 50 percent is foreseen for the foreign investor group, a draft document set in a foreign language may be submitted.