Largest Turkish mobile operator Turkcell Iletisim Hizmetleri has reportedly approached several investment banks for an advisory role on a possible share sale at its internet service provider (ISP).

Turkcell has begun reaching out to local and international banks to gauge their interest in managing the initial public offering (IPO) of Superonline Iletisim Hizmetleri, Bloomberg has quoted people with knowledge of the matter, who asked to remain anonymous, as saying. Turkcell may delay the IPO if investor demand is deemed insufficient, they were also reported as saying.

A successful IPO would make Superonline the first listed subsidiary of Turkcell, itself already a public company. Moreover, so far no Turkish company whose sole business is providing internet services has yet listed.

Turkey’s sovereign wealth fund holds a 26.2% stake in Turkcell. IMTIS Holding, a unit solely owned by Russian billionaire Mikhail Fridman’s LetterOne Investment Holdings, controls 19.8% and the rest trades on Borsa Istanbul.

Turkcell CEO Murat Erkan said in February that the company’s management and shareholders were discussing the option of divesting stakes in several units including Superonline, tower operator Global Tower and payment services company Paycell through block sales or IPOs.

Last year, Superonline recorded double-digit growth in revenue and earnings before interest, tax, depreciation and amortisation (Ebitda). Revenue amounted to Turkish lira (TRY) 5.54bn ($680mn), with Ebitda rising 20% y/y to TRY2.9bn.