Recent Development
The Capital Markets Board of Türkiye (“CMB“), through its resolution dated 27 August 2026 and numbered 51/1568 (the “Resolution“), regulated that priority may be granted, in applications to the CMB in respect of the initial public offering of shares, to companies that satisfy certain specified criteria.
What’s New?
Pursuant to the Resolution, applications for the initial public offering of shares submitted to the CMB may, upon the request of the company to go public and provided that at least one of the criteria set out below is satisfied, be reviewed and finalized on a priority basis without being subject to the application queue published on the CMB’s website (https://spk.gov.tr/istatistikler/basvurular/ilk-halka-arz-basvurusu).
- The company seeking to go public would be the first company to be listed and traded on the stock exchange from the city in which, without any change during the preceding five years, its headquarters and the factory/production facility or service offices generating more than 50% of its revenues have been located.
- The company seeking to go public is directly or indirectly controlled by the Ministry of Treasury and Finance of the Republic of Türkiye, Türkiye Varlık Fonu Yönetimi A.Ş. (Turkey Wealth Fund Management Inc.), or other public bodies.
- Draft set of offering documents prepared in a foreign language for the purpose of conducting the offering in compliance not only with the Capital Markets Law No. 6362 and the relevant secondary legislation, but also with generally accepted international standards and applicable laws is submitted to the CMB, provided that (i) the market value of the shares to be offered exceeds TRY 15,000,000,000 and (ii) at least 50% of the offered shares is allocated to foreign investors.
Conclusion
Through the Resolution, the CMB aims to prioritize high-value and international initial public offerings, by enabling the priority review of initial public offering applications submitted by companies that meet certain criteria.
