The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Never mind the politics, feel the quality

Defying acute political uncertainty and a high-risk macroeconomic environment, some of Turkey's largest companies are preparing to make international offerings. Metin Munir reports.

Out of the ruins

International investors have gained a taste for the Turkish market since Vestel, the leading colour television manufacturer, successfully closed a $40 million secondary offering in the international market. Other Turkish companies have taken their cue from Vestel's success.

At least three others are on the way to the market:

  • Sabanci Group, Turkey's second largest private conglomerate with many quoted companies, will make a primary offering of its holding company;

  • Yapi Kredi Bank (YKB), Turkey's largest private sector bank, which will make a secondary offering; and

  • Uzel Makina, Turkey's largest tractor manufacturer, which will be a newcomer to the stock market.

The prevailing political confusion has, however, forced some companies to shelve their plans for international offerings. They include Koç Holding, Turkey's biggest private group, which is working with Goldman Sachs, and Turkiye Ekonomi Bankasi (TEB).

CSFB and ING Barings will jointly lead the offering of about $150 million of stock in Yapi Kredi. The debut offerings for Uzel ($60 million) and Sabanci Holding ($200 million) are being prepared by Morgan Stanley. ING Barings is co-lead in both deals.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree