Thresholds for Public Offering and Transition to the Registered Capital System are determined for 2024 with the Capital Markets Board Decision
The Capital Markets Board Decision (Decision) dated 28.12.2023 and numbered 81/1811 is published in the Capital Markets Board Bulletin dated 29.12.2023 and numbered 2023/82. With the Decision, the amounts subject to revaluation in the Capital Markets Law No. 6362 and other regulations issued based on this law are determined for the year 2024.
Under the Decision:
In the year-end financial statements, prepared and audited by independent auditors under the regulations of the Capital Markets Board, of the companies whose shares will be subject to initial public offering,
- For 2022, the total assets must be at least TRY 450,000,000 and the net sales revenue must be at least TRY 270,000,000,
- For 2023, the total assets must be at least TRY 1,500,000,000 and the net sales revenue must be at least TRY 750,000,000.
The paid-in capital amount of the companies that will adopt the registered capital system must be at least TRY 100,000,000.
For the initial public offerings, if the market value of the shares to be offered to the public, to be calculated based on the public offering price, excluding over-allotment,
- is less than TRY 400,000,000; the intermediary institutions shall underwrite all of the unsold shares,
- is between TRY 400,000,000 and TRY 800,000,000; the intermediary institutions shall underwrite all of the unsold shares up to TRY 400,000,000, and half of the remaining unsold.
For the initial public offerings, if the market value of the shares to be offered to the public, excluding over-allotment, to be calculated based on the public offering price is below TRY 500,000,000, the shares corresponding to 25% of the nominal value of the shares to be offered to the public must be kept ready for sale by completely restricting the shareholders' rights to purchase new shares before the approval of the prospectus for the public offering.
You may access the full Turkish text of the Decision here.
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