Companies targeting an IPO are constantly researching the details of the IPO. Especially in the recent period, the popularity of Borsa Istanbul and opening the door to new investors has also accelerated public offerings. Many companies are waiting in line to go public. 'How much capital should be required for an IPO?' is also being questioned with curiosity. Public offerings, which are a great opportunity to provide the necessary financing for investments and increase working capital, are increasing day by day.
HOW MUCH CAPITAL IS REQUIRED FOR AN IPO?
With the update made by the Capital Markets Board (CMB) at the end of 2023, significant changes were made to the conditions for public offerings. One of these changes is related to the minimum capital amount that companies to be offered to the public must have. In this case, before starting the IPO process, companies must meet the requirements set by the Capital Markets Board in order to pass the challenging exam of the Capital Markets Board.
Although there is no minimum capital criterion for public offerings, companies that will go public must have switched to the registered capital system. In 2025, companies that will transition to the registered capital system must have a minimum capital of TRY 150,000,000.
Minimum Market Value of Shares to be Offered to the Public:
Star Market TL 2.000.000.000.000
Main Market: 500.000.000 TL
Sub-Market: 200.000 TL
Other Considerations:
Financial Performance Criteria: The financial statements of the last three years and the interim period closest to the application date of the companies to be taken public are examined. Profit is required in the last two years. Shareholders' equity must be greater than the capital.
Shares to be kept ready for sale through capital increase: 2025 yılı içinde yapılacak halka arzların büyüklüğü 750 milyon liradan az olursa; Halka arz edilecek payların nominal değerinin %25’ine tekabül eden payların, ortakların yeni pay alma hakları tamamen kısıtlanarak satışa hazır bekletilmesi gerekiyor.
One of the main reasons for the update made by the Capital Markets Board is to increase the financial resilience and sustainability of the companies to be offered to the public. In this way, the CMB also protects investors and encourages the IPO market to become deeper and more liquid.
In the listing conditions shared by Borsa Istanbul, the Star Market detail was included.
* In the listing applications made for the Stars Market, companies that do not meet the conditions of having a profit for the period in the last two fiscal years and/or equity/share capital ratio may be listed at the discretion of the Borsa Istanbul Board of Directors. In this case, the market value of the shares offered to the public must be at least TRY 4 billion (this amount was previously TRY 1,500,000,000). In addition, (a) the other conditions in the table above must be met, (b) the company must have an operating profit in the last independently audited financial statements of the last year and the relevant interim period, (c) the equity/capital ratio to be calculated by adding the premiums related to the shares to be obtained from the public offering and the nominal amount of the increased capital to the amounts classified under equity in the last independently audited financial statement must comply with the ratio specified in the table above, and (d) the public offering must not be made only through the sale of shareholders.
WHAT ARE THE BENEFITS OF AN IPO FOR THE COMPANY?
An IPO has significant benefits for the company. Prestige and irreversible, low-cost, interest-free and tax-free financing are the most important of these. The main benefits of going public for the company are as follows:
Financing
Capital Provision
Non-Refundable, Tax-Free, Interest-Free Financing
Strengthening Capital Structure
Liquidity
Growth
Expansion Opportunities
Talented Recruitment
Strategic Partnerships
Institutionalization
Transparency and Accountability
Improving Corporate Governance
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