1000 Yatirimlar Holding (BINHO) has sold 10mn shares, amounting to a 20% stake, via a Borsa Istanbul initial public offering (IPO), A1 Capital Yatirim Menkul Degerler (A1CAP), which acted as the intermediary in the offering, said on November 16.

The transaction was concluded for a consideration of Turkish lira (TRY) 1.2bn ($41mn), or TRY 125 per share. The bookbuilding was held during November 14-15.

No participants in the IPO acquired more than 5% of the offered shares. According to local legislation, intermediaries are obliged to file the details of real or legal persons who acquire more than 5% of offered shares in a Borsa Istanbul IPO.

Via the IPO, 1000 hiked its paid-in capital by TRY 7mn to TRY 47mn while its shareholders sold an additional 3mn existing shares.

Following the IPO, Usame Erdogan, Mustafa Saim Birpinar and Kadir Can Abdik control identical stakes of 18% in the company, including 2mn privileged Type A shares each.

Usame Erdogan is a son of Mustafa Erdogan, the younger brother of Turkey’s president, Recep Tayyip Erdogan.

EC Yatirimlar Holding has a 12% stake in 1000, while Huseyin Ardan Kucuk and Haris Pojata hold identical stakes of 7%, including 1mn privileged Type A shares for each.

Table: 1000’s shareholding structure prior to the IPO.

Istanbul-based 1000, launched in 2022, has five subsidiaries. BinBin Scooters, a micro-mobility company, was launched in 2019 by Kadir Can Abdik and Huseyin Ardan Kucuk.

Meta Mobilite has a licence to operate an electric vehicle (EV) charging stations network under its QCharge brand.

So far in 2023, a total of 45 companies have raised a combined sum of TRY 63bn ($2bn) in IPOs conducted on Borsa Istanbul. In 2022, 40 companies raised TRY 19bn ($1bn). In 2021, 52 companies raised TRY 22bn ($2bn).

 

IPOs on Borsa Istanbul
Date	Sold	Stake	Price	Buyer	Seller
Nov-23	1000 Yatirimlar Holding (BinBin/BINHO)	20%	TRY1bn	IPO	Usame Erdogan
Nov-23	Tureks Turunc Madencilik (MARBL)	26%	TRY647mn	IPO	Turunc, Akyatan

Table: Full list of IPOs on Borsa Istanbul in November.