34 companies go public last year, raising 60 bln Turkish Liras

ISTANBUL

Some 34 initial public offerings (IPO) were launched in Türkiye last year, according to a new report by the U.K.-based professional services firm EY.

The number of IPOs decreased by 1/3 while IPO proceeds decreased by 25 percent compared to 2023 to 60 billion Turkish Liras ($1.7 billion).

Türkiye had a 3 percent share in the global IPO market by number of deals.

With 34 IPOs, the country ranked top in Europe by number of deals, said EY.

Some 1,215 IPOs took place in the world last year, down from 1,351 in 2023 and 1,415 in 2022, according to the EY report. 

Last year’s IPO transaction revenues saw a 4 percent decline on an annual basis, reaching $121.2 billion, as the global IPO market’s performance was not as strong in the first half of the year, though this increased in the second half, especially in the fourth quarter, it said.

India dominated the U.S. and Europe with 327 IPO transactions with a $19.9 billion revenue, in proceeds, while the U.S. topped the rest of the world in IPO revenues with $32.8 billion, totaling 183 transactions.

The technology, media and telecom, industrial and consumer sectors had the highest number of IPO transactions and revenues in 2024, while the energy sector, mining and metals, in particular, fell, the report noted.

Approximately 60 such companies are in IPO registration, and more than 400 others remain in the pipeline, it said.