What is an IPO?

The CMB updates the IPO criteria based on financial performance at the end of each year. In 2024, companies wishing to go public must have assets above 450 million Turkish Liras in 2022 and 1 billion 500 million Turkish Liras in 2023, and net sales above 270 million Turkish Liras in 2022 and 750 million Turkish Liras in 2023 in their independently audited TFRS-compliant financial statements. Even if these criteria are met, companies that have not made a profit in the last two years cannot go public in the main market. In the Star Market, this rule is relaxed, provided that the following conditions are met;

- The partnership has an operating profit in the last audited financial statements of the last year and the related interim period,
- The market value of the shares offered to the public to be at least TL 1.5 billion,
- The equity/shareholders' equity 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 shareholders' equity in the last audited financial statement is greater than one,
- Public offerings should not be made only through shareholder sales.

Yıldız Pazar’da en düşük halka arzlar 1 milyar liranın üstünde olmalı ve şirketler en az %10 oranında halka açılmalıdırlar.

Ana Pazar’da en düşük halka arzlar 250 milyon liranın üstünde olmalı ve şirketler en az %20 oranında halka açılmalıdırlar.

Alt Pazar’da en düşük halka arzlar 100 milyon liranın üstünde olmalı ve şirketler en az %25 oranında halka açılmalıdırlar.

In the Sub-Market, public offerings can only be made through capital increase. Shareholders cannot sell their own shares in public offerings realized in this market.

There are no qualifications required for the shareholders and members of the board of directors of the companies to be offered to the public. However, both shareholders and board members must not have been sentenced to imprisonment for more than 5 years for a crime committed intentionally. In addition, they must not have been convicted of the following offenses, even if less than five years;

Offenses under the -SP legislation
-Offenses under the Banking Law
-Money laundering
-Offenses against the security of the state
-Crimes against the constitutional order
-Crimes against national defense
-Offenses against state secrets
-Spying
-Disbursement
-Abuse
-Bribery
-Theft
-Fraud
-Falsification
-Abuse of trust
-Fraudulent bankruptcy
-Blocking and disrupting the information system
-Debit/credit card misuse
-Smuggling
-Tax evasion
-Unjust acquisition of property

A company that has declared concordat within the last 2 years cannot go public. 

Companies targeting public offerings should not have any legal disputes, pledges, liens and similar encumbrances on the company shares that may significantly affect the continuity of their activities. 

Companies that will apply for an IPO in 2024 must have total assets (assets) above TRY 1.5 billion in 2023 and over TRY 450 million in 2022 in their IFRS-compliant financial statements that have applied inflation accounting in accordance with TAS-29.

Companies that will apply for an IPO in 2024 must have total revenues above TRY 750 million in 2023 and TRY 270 million in 2022 in their IFRS-compliant financial statements with inflation accounting applied in accordance with TAS-29.