Gong rings on Borsa Istanbul for Net Global's initial public offering
Net Global gathered nearly three times the demand during its initial public offering process on Borsa Istanbul and will use the proceeds for wagon investments and capacity increase.
Speaking at Net Global's IPO ceremony held on Borsa Istanbul, CEO Berk Kuter stated that the company received nearly three times the demand and that this interest met their expectations.
Intense interest in the initial public offering
Net Global Board Member and CEO Berk Kuter shared the details of the process by answering Bloomberg HT's questions at the IPO ceremony on Borsa Istanbul.
Stating that the company received nearly three times the demand, Kuter emphasized that this interest was an expected situation and that investors trust the firm.
Share distribution composition
Touching upon the distribution ratios of the offered shares, Kuter announced that 25 percent of the shares were allocated to foreign institutional investors.
He also stated that around 35 percent of the shares were distributed to domestic institutional investors, and approximately 30 percent to domestic individual investors.
Area of use for IPO proceeds
Providing information on the areas where the revenues obtained from the IPO will be utilized, Kuter said they are primarily focusing on wagon investments.
Stating that they aim to complete the construction of this new investment in a short time and transition to production, the CEO noted that they will increase their capacity as one of Turkey's leading pipe manufacturers.