Bulgari set to open boutique hotel in Istanbul

ISTANBUL

Özak GYO, a local real estate investment firm, is set for an initial public offering (IPO) between Feb. 8-10 after receiving regulatory approvals from the Istanbul Stock Exchange and Capital Markets Board, according to a company press release.

Özak GYO, a subsidiary of Özak Global Holding, active in tourism, textile, energy, construction and real estate, issued a guarantee to buy back all the shares at the same price acquired at the firm’s IPO if an investor holds them for 90 days, the press release said.

Denizbank is leading 27 brokerage houses in book-building for the IPO, where 2.5 Turkish Liras is set as the share price. The total value of the IPO is 98.1 million liras.