Turkey’s Başkent gas distribution company to list up to 28.75 pct on Borsa Istanbul

ISTANBUL

Turkish natural gas distribution company Başkent Gaz will list a stake of up to 28.75 percent on the Istanbul stock exchange, according to a draft prospectus on the company’s website, as reported by Reuters on Sept. 11. 

Initially, Torunlar Enerji, the sole owner of the company, will sell a 175 million Turkish Lira ($51 million) nominal stake corresponding to 25 percent of Başkent Gaz, which has a paid-up capital of 700 million lira.

That could rise to 201.25 million lira if a greenshoe, or over-allotment, option is exercised. 

İş Investment will act as bookrunner for the public offering.

According to data in the draft prospectus, Başkent Gaz’s revenue was 2.54 billion liras at the end of 2016 with an EBITDA at 306.1 million liras. 

Başkent Gaz is the second largest regulated gas distribution network in Turkey based in Ankara, according to the company’s website. 

By the end of 2016, its customer base reached 1.5 million.