SPK approves second IPO for company owned by Erdoğan's nephew
The Capital Markets Board (SPK) has approved the initial public offering (IPO) of Bin Ulaşım ve Akıllı Şehir Teknolojileri AŞ at 91.85 TL per share. It was noted that the chairman of the company's board of directors is Üsame Erdoğan, the nephew of President Recep Tayyip Erdoğan.
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The Capital Markets Board (SPK) has approved the IPO application of Bin Ulaşım ve Akıllı Şehir Teknolojileri AŞ.
According to the SPK bulletin, a total of 5 million TL in nominal value of Group B shares will be offered to the public at a fixed price of 91.85 TL per share. The IPO includes 4,750,000 TL worth of shares belonging to 1000 Yatırımlar Holding AŞ and a total of 250,000 TL worth of shares belonging to venture capital funds managed by Re-Pie Portföy Yönetimi AŞ.
NOTABLE DETAIL
The most notable detail in the IPO approval is that the chairman of the board of Ulaşım ve Akıllı Şehir Teknolojileri AŞ is Üsame Erdoğan. Üsame Erdoğan is the son of Mustafa Erdoğan, the brother of President Recep Tayyip Erdoğan. 1000 Yatırımlar Holding AŞ, one of the company's main shareholders, also went public in November 2023 at a price of 125 TL.
SECOND IPO FROM THE ERDOĞAN FAMILY
1000 Yatırımlar Holding AŞ, another company where Üsame Erdoğan serves as chairman of the board, also went public last November.