Capital Markets Board Removes Queue Requirement for IPOs
The Capital Markets Board has introduced specific exceptions to the application queue requirement applied to companies offering their shares to the public for the first time.
The Capital Markets Board announced via its weekly bulletin that it has removed the mandatory application queue for initial public offering transactions for companies meeting certain conditions.
New Principle Decision from CMB
The Capital Markets Board has taken a new principle decision regarding the procedure to be followed in the applications of companies that will offer their shares to the public for the first time.
According to the published Board Decision, companies meeting certain conditions may no longer be subject to the existing queue.
Current Application Status
Currently, IPO applications of a total of 119 companies, including 27 companies operating in the energy and environmental sectors, are awaiting approval.
Exemption for Opening to the Public in Anatolia
Being the first partnership to open to the public in the city where its headquarters and production facilities—from which it has generated more than 50 percent of its revenue—have been located for the last 5 years is among the exemption conditions.
Public Partnerships and Large-Scale Offerings
The queue rule is relaxed if management control rests with the Ministry of Treasury and Finance, the Turkey Wealth Fund, or public institutions, and if the offering value exceeds 15 billion TL.
Foreign Investor Condition
Foreseeing an allocation of at least 50 percent to foreign investors and submitting draft documents in a foreign language are also among the other conditions providing exemptions.