Turkish fashion business Mavi has announced plans to go public in Istanbul. Mavi's owners, Turkven Private Equity and the Akarlilar family, will sell around half of the stock in the company, which generated revenue of TL1.37 billion (around €350 million) in the 2016 financial year. No share price was announced, but a Bloomberg report from March indicated an upcoming offering could value Mavi at about $800 million, making it one of the largest Turkish IPOs in years.
Mavi sells jeans and other clothing through a network of nearly 400 stores in 35 countries. Turkven has backed the business since 2008.
A successful listing in Turkey could boost the country's standing with investors, who have been in wait-and-see mode following the nation's constitutional referendum in April. It would also provide a counter to cruise operator Global Port (LON: GPH), an Istanbul-headquartered business slated to begin trading in London this week. By all indications, it's the sort of company that may have chosen to list in Turkey if not for the ongoing upheaval; Global Port reportedly cited access to capital and the sophistication of investors when it selected the UK for its flotation last month.