Turkcell will delay the public initial offering (IPO) of its infrastructure unit Global Tower, Turkey’s largest mobile phone company said on October 24, days before the share sale.
Turkcell decided to postpone the public offering to wait for “markets to become more secure and stable", the company said in a bourse filing also citing cyber-security concerns and risks related to the upcoming presidential elections in the US and the expected rate hikes by the FED.
Turkcell did not refer to domestic political and security risks in its statement. The Turkish lira hit all-time-lows last week as investors worried about renewed political uncertainty in the run up to a referendum that could change the country’s political system, rising tension with Iraq and Syria and ongoing clashes with PKK in the southeastern provinces of the country.
Global Tower was planning to offer 25% of its shares in the IPO seeking to raise TRY385mn, in what would have become the largest deal since low-cost airline Pegasus went public in 2013. The first day of trading was expected on October 27.
Market reaction to Turkcell's decision to delay the IPO was muted. Shares in the company gained 0.70% to trade at TRY10.05 as of 11:58 Istanbul time. The main stock exchange index, BIST-100, was up 1.13%.
|Turkcell (consolidated) Financials|
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