Local jewelry company goes public

ISTANBUL - Anatolia News Agency

The Turkish Capital Markets Board (SPK) has granted approval for the initial public offering (IPO)
of Karakaş Atlantis, a Turkish jewelry firm.

Consumers see the gold sector as informal, but the IPO is a step toward changing this, Kamil Karakaş, the chairman of the Karakaş Atlantis, said yesterday.

“[We have obtained] reports from independent international audit firms. A transparent, simple financial statement has been produced in line with the new Trade Code,” he said, adding that a consortium of 24 firms led by Halk Yatırım is advising the firm during the IPO process.

Karakaş said the firm had risen to 265th place this year from 416 the previous year on the 500 Largest Industrial Enterprises list of the Istanbul Chamber of Industry (İSO).

“We will offer 25.1 percent of the company to the public and expect about 41.8 million Turkish Liras in revenue. We will give a 10 percent bonus, that is additional shares, to those who hold company stakes for at least 90 days,” he said.

The book building was scheduled for July 24, 25 and 26 with a fixed price of 2.5 liras.

The company aims to increase production and open new branches to serve up to 250 additional corporate customers, Karakaş said.