Turkish fashion business Mavi has completed its IPO in Istanbul after pricing shares at the bottom of its range at TL43 (around €11). The listing gave the company a market cap of about €530 million, per reports. Turkven Private Equity has backed the business since 2008 and will retain a minority investment following the flotation. New investors include Singapore’s Temasek, which purchased a 10.1% stake.
Despite its lower than expected valuation—a Bloomberg report from March suggested the offering could value Mavi at about $800 million, including debt—the listing is one of Turkey’s largest in years and comes after a long drought of large-scale IPOs in the country. Global Ports Holding (LON: GPH) tried unsuccessfully to float in Istanbul in 2015. Instead, the company selected the UK for its £154.5 million IPO last month, citing access to capital and the sophistication of investors.
However, the listing could boost the country's standing with investors, who have been in wait-and-see mode following the nation's constitutional referendum in April. Shares in Mavi are expected to start trading on 15 June.