"Only 12% of the top 1,000 companies are listed on the exchange, so the potential is extremely large"
Huseyin Erkan, Istanbul Stock Exchange
Are you happy with the increased momentum in the IPO market?
We are. In the years between 2001 and 2009 the average number of IPOs went down to about five a year. Last year we had a big conference in May that brought 600 companies together and since then the momentum has really grown. Last year up to May we had only four companies making public offerings. In 2010 after May, an additional 18 companies came to market. Since the beginning of 2011 five companies have come to market.
How about wider capital market developments?
Companies have done a carry trade over the years. They have borrowed abroad and invested in Turkey. They borrowed for 10 years from outside, then brought the foreign exchange into the country, invested it and paid it back with the profits.
