Recent Developments
Borsa İstanbul A.Ş. (“BIST“) introduced significant amendments to the Listing Directive on December 29, 2023. The listing requirements for the BIST Star Market, the BIST Main Market and the BIST Sub-Market have changed accordingly.
What Does the Amendment Bring?
According to the amendments:
- The market value of shares offered by the issuers to be listed on the BIST Star Market cannot be lower than TRY 1,000,000,000 (increased from TRY 300,000,000).
- The market value of shares offered by the issuers to be listed on the BIST Main Market cannot be lower than TRY 250,000,000 (increased from TRY 75,000,000); and
- The market value of shares offered by the issuers to be listed on the BIST Sub-Market cannot be lower than TRY 100,000,000 (increased from TRY 40,000,000).
Moreover, the threshold for the minimum public float ratio was reduced from 15% to 10% for the BIST Star Market.
The amended listing conditions are as follows:
| BIST Star Market | BIST Main Market | BIST Sub-Market | |
| Market value of shares offered to public | Minimum TRY 1 billion | Minimum TRY 250 million | Minimum TRY 100 million |
| Minimum ratio of public float | 10% | 20% | 25% |
| Net profit requirement | Last two years | Last two years | Last two years |
| Equity / Capital ratio | > 1 | > 1 | > 1.25 |
Under the Listing Directive, the BIST Board of Directors has discretion to approve the listing of issuers in the BIST Stars even if these issuers do not meet the criteria regarding net profit and/or equity/capital ratio, provided that they meet certain other prerequisites. The market value of shares offered to the public by these issuers cannot be lower than TRY 1,500,000,000 (increased from TRY 500,000,000).
Conclusion
Just as the Capital Markets Board determined the new public offering conditions, the BIST determined the listing conditions to be applied in the new year.
