E-commerce platform PttAVM preparing for IPO

ISTANBUL

PttAVM, the e-commerce platform of Türkiye’s postal service PTT, has applied to the Capital Markets Board (SPK) for an initial public offering (IPO), says Hakan Gülten, the general manager of PTT.

“PTT is owned by the Wealth Fund. We will decide [on IPO] together with the fund,” Gülten said, adding that they plan to offer 15 percent of the company to the public.

PttAVM’s IPO has been on the agenda for some two years, he noted.

“Presently, we are in talks with the SPK and have submitted our application. We will go ahead with the IPO in the coming months,” Gülten said without providing details on the timing of the public offering.

PttAVM has millions of products and members and an e-commerce platform jointly owned with Qatar’s Postal Service, according to Gülten.

Some 50,000 merchants offer more than 50 million products on PttAVM’s website.

The Turkish e-commerce market segment achieved an impressive compound annual growth rate of 80.6 percent between 2019 and 2022, with the e-commerce volume reaching 800 billion Turkish Liras last year, according to a recent report by PwC Türkiye and Amazon Türkiye.

Based on Euromonitor’s e-commerce market segment growth forecast for 2020-2025, Turkish e-commerce is expected to achieve a compound annual growth rate of 23.7 percent, the report said.