Turkey approves Tab Gida’s IPO, largest offering since 2018

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Turkey’s Capital Markets Board (SPK) gave the green light on Friday for an initial public offering by food services company TAB Gida, which is set to be the biggest dollar-denominated IPO since 2018.

Tab Gida, which holds franchise rights for Burger King, Popeyes and others, would raise 6.85 billion lira ($247 million) if all the shares were sold.

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The company will float about 20 percent of its shares at 130 lira each, SPK said in a bulletin on Thursday. Shareholder TFI TAB Gida Yatirimlari will sell some shares along with a capital increase.

Listing proceeds will be used to finance new restaurant openings, a solar plant, and reducing financial debts.

The number of public offerings has soared this year in Turkey as domestic retail investors flocked to the stock market but the listings largely consisted of smaller companies, raising on average about $60 million.

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