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Legal Alerts

CMB Provides Flexibility for IPOs: Sale Period Temporarily Extended

Legal Alerts
Capital Markets
Financial Institutions

Recent Development

The Capital Markets Board of Turkey (“CMB”) extended the sale periods for initial public offerings (“IPO“) to take place from February to May 2021 through its decision published in the Bulletin dated February 4, 2021 and No. 2021/6 (“Decision”).

What Does the Decision Say? 

According to the Decision, the financial statements that can be used in IPOs between February and May 2021 were determined as follows:

  • For the sale period between January 1 and March 1, financial statements for the last three years; or financial statements for the last three years preceding the relevant sale period, and financial statements of the nine-month interim period.
  • For the sale period between March 2 and May 31, financial statements for the last three years.

Moreover, for IPOs made in the same period, the CMB increased the period allowing the presentation of financial statements used in the next period as an addendum to the offering circular for offerings that start after the end of the relevant sale period from 15 days to 30 days.


The Decision provides additional flexibility to companies who are planning an IPO during the COVID-19 pandemic. The Decision is a positive development in terms of market activity, as it will enable brokers to devote more time to those transactions.