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Reuters
Turkish discount retailer Sok is planning an initial public offering in 2018, two sources familiar with the matter told Reuters, the latest sign that Turkey’s IPO market may be coming back to life.
Sok, with more than 4,700 stores and 21,000 employees, is one of Turkey’s biggest discount retailers, selling groceries, fresh produce and household items.
It is 39 percent owned by Gozde Girisim, the investment arm of food giant Yildiz Holding, and half owned by a Netherlands-based investor consortium. A private equity fund run by Templeton Asset Management also holds 10 percent.
“If the markets are in a good condition, the Sok public offering is planned for 2018, and the work has begun,” said one of the sources, declining to be identified because the information is not yet public. Other substantial IPOs are also expected in the future, the source said.
Yildiz declined to comment on the timing of the listing. “While a public offering is one of Sok’s future targets, a specific date has not yet been set,” it said.
It also declined to comment on Sok’s financial performance, although analysts estimate it achieved sales of $1.7 billion in 2016 and could reach 8 billion lira this year.
Investors have been worried about rising security concerns and a sell-off in the lira currency.