Two firms start trading on stock exchange

ISTANBUL - Hürriyet Daily News

Gentra Lojistik, which completed its 44 percent initial public offering (IPO), began trading on the Istanbul Stock Exchange (İMKB) yesterday at a base price of 2.9 Turkish Liras.

Gentra Lojistik was able to raise 8.7 billion liras in funds. On the first day of its offering, 3.75 million shares of the total IPO size were placed.

“2011 was a year of restructuring and taking steps toward growth,” said General Lojistik Chairman Haldun Gedizşener.

“We were looking for a source of funding to ensure we would be more competitive in relation to our international rivals and be in a position to make sounder investment decisions given our 25 years of experience,” Gedizşener said.

He said the financing they would receive from the public offering would allow them to embark on even bigger business ventures.

Meanwhile, A.V.O.D Kurutulmuş Gıda ve Tarım will begin trading on the İMKB with the “AVOD” ticker today.