A Turkish Private Equity Web Log

In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication thereof.

UPDATE: TAV IPO nets Goldman over $50 million in 2 months
You may have watched last week’s IPO of TAV with baited breath, but was there really any need for concern. TAV was able to raise $320 million. Early predictions slated Goldman Sachs would walk away with over $30 million in gains. These estimates were shattered as the stock price reached a peak of 11 YTL on the day of offering. Upon exit, Goldman proceeds could turn out to be in excess of $50 million - a nice 60 days work, if you can get it.

My kudos go out to those men and women on the ground that pushed the interest through with this IPO. Here’s how the IPO fell out:
  • London: International institutional investors bought up just under 70% of the shares
    Demand for allotment was oversubscribed 18x.
  • Istanbul: Domestic investors bought the remaining 30% of shares
    Demand for allotment was oversubscribed 10x.
  • Total demand for shares: $5 billion based on oversubscription.

As seen in the graphic on the right, TAV has since taken a fall with the recent volatility at the Istanbul Stock Exchange. With IMKB being the 8th best performing market in the world since the beginning of 2007 with growth over 11%, and one of the best markets of the emerging markets, I can’t understand why more people won’t stand up and take notice after this IPO. Already 2 more IPO's are lined up - details to come.

UPDATE on the UPDATE: Due to recent volatility in the international markets starting with China and the US, the IMKB has taken somewhat of a dive this past week.

Referens- Last week' s IPO by TAV Airports Holding oversubscribed 18 times

Financial Times- IPO has Turkey back in vogue

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