Euro bank invests $82 million in IPO of Turkish grocer Şok
ISTANBUL
The European Bank for Reconstruction and Development (EBRD) says it has invested $82 million in a minority stake in Şok Marketler, a fast-growing Turkish discount grocer.
The move supports one of the largest initial public offerings (IPO) on Borsa İstanbul, Turkey’s sole stock exchange.
Șok operates small-format one-stop shops that offer a wide range of products at competitive prices: Fruits, vegetables and personal care products. The chain operates 5,100 stores and 24 warehouses and it is part of the Turkish food corporation Yıldız Holding.
“The Bank’s investment will help boost the company’s capital structure, support further growth and strengthen its competitive position as one of the leading discount retail chains in Turkey,” the EBRD stated.
The EBRD’s backing of Șok’s IPO is also a boost to Turkish capital markets at a time of waning appetite among investors.
The listing raised $531 million, mostly from international corporate investors.
