Joygame, a pioneering video game company, is on track to become the first Turkish gaming company to be listed on Borsa Istanbul, pending final regulatory approval, business daily Ekonomim has reported.

Baris Ozistek, chairman of Joygame and CEO of Bogazici Ventures, noted that while Turkey’s stock market is large and deep, it has few tech companies and no gaming firms.

“If approved, Joygame will mark a historic milestone as the first publicly traded gaming firm in Turkey,” he said, adding that the company’s IPO could pave the way for future listings in the sector.

“Turkey is now producing some of the world’s most successful content apps, thanks to professionals who started in gaming,” he said.

There are currently over 800 game companies of various sizes within the country’s gaming industry ecosystem and Turkey has produced two unicorns so far, according to Ozistek.

“It’s a sector that receives substantial government support. There’s a strong flow of talent into this space, and that influx leads to the creation of many new companies. Some of these eventually evolve into successful businesses. When you look at it, you can think of it as a perfectly shaped pyramid,” he said.

Founded by members of Joygame’s original team, Bogazici Ventures has played a key role in the company’s resurgence.

After reacquiring shares from Netmarble, the fund supported Joygame’s growth.

Bogazici Ventures has backed over 100 companies in the past decade, with more than 20 early-stage investments in gaming.