CMB approved the IPO of one company this week

Tureks Turunç Madencilik will increase its current capital of 180,000,000 TL by 48,600,000 TL through an IPO, bringing it to 228,600,000 TL. In the IPO, a total of 10,376,404 TL nominal value (D) group shares will also be offered for sale, consisting of 4,095,949 TL nominal value (D) group shares owned by current shareholder Mehmet Münir Turunç, 4,095,949 TL owned by Osman Cavit Turunç, 1,365,316 TL owned by Seher Artemiz Akyatan, and 819,190 TL owned by Zühtü Akyatan, all of whom are current shareholders of Tureks Turunç Madencilik İç ve Dış Ticaret A.Ş.

Thus, in the Tureks Turunç Madencilik IPO, a total of 58,976,404 TL nominal value shares will be sold at a fixed price of 10.97 TL. All sold shares will be distributed equally.

The areas where the proceeds from the IPO will be used, as stated in the draft prospectus, are as follows:

Reduction of financing costs: 40%

Investment in machinery for capacity expansion at the factory and technological investments: 20% - 30%

Working capital: 30% - 40%

If all shares are sold, the company's IPO size will be approximately 646.9 million TL, and its free float rate will be 21.26%.

News Source: 12punto