The Capital Markets Board (“CMB“) amended the Communiqué on Shares No. VII-128.1 and eased the conditions for initial public offerings. The amendments were published and entered into force on January 26, 2018.
In an initial public offering, the issuer’s total assets must be a minimum of TRY 10 million and its net sales must be a minimum of TRY 5 million. Whether the issuer has lost the sum of its capital and legal reserves is no longer relevant.
Over the last year, the CMB and Borsa Istanbul have taken steps to facilitate IPOs for Turkish companies the past year. In line with their goals, this latest amendment further facilitates IPOs.