For further information,
please contact:
Legal Alerts

CMB Continues to Provide Flexibility for IPOs: Sale Periods Extended Once Again

Legal Alerts
Capital Markets
Financial Institutions

With its decision published in the Bulletin dated November 11, 2021 and No. 2021/57 (“Decision“), the Capital Markets Board of Turkey (“CMB“) decided that the sales can commence until December 1, 2021 for initial public offerings (“IPOs“) to take place with offering circulars covering the half year financial statements for 2021.

What Does the Decision Say?

According to the Decision, the half year financial statements for 2021 can be used to prepare the offering circular if the commencement of the sale would take place between August 16, 2021 and December 1, 2021.

Moreover, for IPOs in the same period, the CMB increased the period allowing the presentation of financial statements used in the next period (i.e. the financial statement of the nine-month interim period) as an addendum to the offering circular for offerings the sales of which start after the end of the relevant sale period, from 15 days to 30 days (i.e. the sale can start until December 31, 2021).

The CMB previously extended the sale periods for IPOs with offering circulars covering the financial statements for the last three years to July 14, 2021. You may find our relevant legal alert here.


In light of the market activity and unexpectedly busy IPO pipeline, the CMB continues to provide flexibility for IPOs and to promote market activity.

Recommended for you