Turkish IPO Market Picks Up Pace as Firms Compete to Tap Demand

Turkey’s initial public offering market is showing strong momentum as companies with limited options for fresh financing in the country seek to take advantage of local investors’ appetite for new issues.

More than 20 companies have so far completed the process of listing and have started trading in Turkey during 2023, raising about 26 billion liras in total, or about $1.33 billion, based on the average exchange rate this year. That’s already ahead of last year in both dollar and local currency terms and the most in lira in records going back to 2010 on Turkey’s Capital Markets Board website.