With the result obtained in the three-day subscription last week for Koza Altın shares ahead of its opening on the İstanbul Stock Exchange (İMKB), the IPO will probably be the largest of the past couple of years.
Koza officials were pleased that demand for the company’s shares was high and that the process ran smoothly.
The Koza Group had previously announced that revenue from the IPO would primarily be utilized in financing the company’s investments. Koza has been interested in acquiring the Doğan Group’s media companies, among which the most well known are TV station Star and dailies Milliyet and Radikal.
Koza was seeking investors for 34 percent of its shares for a price interval between TL 36.8 and TL 46. With these share prices, the company’s market value becomes TL 2.2 billion if the price of shares is set at TL 36.8 and TL 2.7 billion if shares are set at TL 46, which in both cases puts Koza Altın among the 30 most valuable companies on the İMKB.
The IPO process was conducted by a consortium of intermediary firms including Goldman Sachs and JPMorgan from abroad and İş Yatırım and Ak Yatırım from Turkey. Seventy percent of shares were allocated for foreign investors, who showed greater than expected interest despite recently being cautious in Turkish markets amidst the ambiguities of the global financial troubles.
Speaking to the press to assess the results of the IPO on Saturday, Koza Altın Assistant General Manager Hayri Öğüt said the company was delighted with the outcome of the IPO subscriptions.
The Koza Group had bought the gold company in 2005 for $44.5 million by paying only $20 million in cash, with the company growing nearly 40-fold in less than five years.
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