Grandstanding TractionGrandstanding TractionA Turkish Private Equity Weekly - In an effort to cover the Turkish Private Equity Industry - for the promotion of Entrepreneurship, the private equity asset-investment model, and the communication therof. Articles
Turkey's New Light Bulb, and the OECD's Grim Innovation/Patent Report
2007-05-21 23:29:00 THE GOOD NEWS It seems Professor Hilmi Volkan Demir of Bilkent University has something to be proud of. He and his research students were able to develop white light generated from using nanocrystal hybridization on a light emitting diode (LED), with tunable color properties. Apparently, this is the first time this has been done. An article highlighting this (no pun intended) was published in the Journal of Nanotechnology. According to an article in the TDN, international interest has started coming in. With Turkish universities and government funding being a guarded and bureaucratic source for innovation in Turkey, it is difficult to tell where this may be heading, but it does give hope that the steering of Turkey's young minds may be breaking free in the right direction. The acid test will be continued management and success of future proposals, and hopefully we will see further spinouts. Then maybe all the money being spent on Technoparks may start to payoff. Alternate ... More About: Report , Innovation , Light , Repo , Nova
Incubation or Corporate Venturing: E-mbrio Releases Incubation Results
2007-05-17 22:11:00 Long ago, I shared my thoughts in a post on the founding and dealflow of E-mbrio by Teknoloji Holding (The Long Tail of Venture Capital). I slated it as an incubator based out of the confines of Teknoloji Holding, and applauded the establishment of such a firm and have waited patiently for any results. Well, recently, I took a look at Embrio's website for any news. Apparently, after 650 applications, 1 company, SuperTeklif was chosen. Founder Murat Serdar Ozyasar presented his idea to the E-mbrio team. E-mbrio's subsidiary, DataProfil A.S, developed the sales and marketing process where SuperTefklif was repositioned as Turkey’s “first web-based authorized marketing platform", while E-mbrio developed the software and design. But for Teknoloji Holding, has E-mbrio become a full-fledged incubator or merely a creative spin on rolling out an innovative business development platform for investing in young entrepreneurs with great ideas, taking some risks and building a portf... More About: Results , Corporate , Venturing , Result , Turin
Incubation or Corporate Venturing: E-mbrio Releases Incubation Results
2007-05-17 22:11:00 Long ago, I shared my thoughts in a post on the founding and dealflow of E-mbrio by Teknoloji Holding (The Long Tail of Vent ure Capital). I slated it as an incubator based out of the confines of Teknoloji Holding, and applauded the establishment of such a firm and have waited patiently for any results. Well, recently, I took a look at Embrio's website for any news. Apparently, after 650 applications, 1 company, SuperTeklif was chosen. Founder Murat Serdar Ozyasar presented his idea to the E-mbrio team. E-mbrio's subsidiary, DataProfil A.S, developed the sales and marketing process where SuperTefklif was repositioned as Turkey?s ?first web-based authorized marketing platform", while E-mbrio developed the software and design. But for Teknoloji Holding, has E-mbrio become a full-fledged incubator or merely a creative spin on rolling out an innovative business development platform for investing in young entrepreneurs with great ideas, taking some risks and building a portfolio... More About: Results , Corporate , Venturing , Lease
Baran Securities Finally Gobbled Up By Credit Suisse
2007-05-11 22:22:00 Rumoured last December that this may be jumping the gun, Credit Suisse finally made a play for Turkish brokerage house Baran Securities (Baran Menkul). According to Reuters, "Credit Suisse , which already had an office in Istanbul, said it now held a broker-dealer licence on the Istanbul Stock Exchange (IMKB) and would offer expanded equity sales, trading and research in Turkey ." On May 5, Credit Suisse began trading under the name of Credit Suisse Istanbul Menkul De?erler A.S. Exact numbers of the deal were not disclosed. I would like to thank my friends at Reform Kurumsal for passing on the Credit Suisse news courtesy of Reuters. I guess it only makes sense that Baran Securities became the top search term on Grandstanding Traction this week, with many visits by catalogued IPs from Credit Suisse. I should have known something was afoot. On a side note, I will be adding this post and updating my previous post, "Investment Banks Clamor Toward Turkey; Scoop Up Brokerages and Lic... More About: Finally
Baran Securities Finally Gobbled Up By Credit Suisse
2007-05-11 22:22:00 Rumoured last December that this may be jumping the gun, Credit Suisse finally made a play for Turkish brokerage house Baran Securities (Baran Menkul). According to Reuters, "Credit Suisse , which already had an office in Istanbul, said it now held a broker-dealer licence on the Istanbul Stock Exchange (IMKB) and would offer expanded equity sales, trading and research in Turkey." On May 5, Credit Suisse began trading under the name of Credit Suisse Istanbul Menkul DeÄŸerler A.S. Exact numbers of the deal were not disclosed. I would like to thank my friends at Reform Kurumsal for passing on the Credit Suisse news courtesy of Reuters. I guess it only makes sense that Baran Securities became the top search term on Grandstanding Traction this week, with many visits by catalogued IPs from Credit Suisse. I should have known something was afoot. On a side note, I will be adding this post and updating my previous post, "Investment Banks Clamor Toward Turkey; Scoop Up Brokerages and Li... More About: Finally , Fina
Ebay Buys Stake In Gittigidiyor.com
2007-05-09 20:53:00 That's right. This last week, Web 1.0 auction goliath Ebay just purchased a stake in the Turkish brand of Internet auctions - Gittigidiyor.com. There is no official word yet as to what percentage stake was acquired or for how much. My contacts at AccessTurkey's iLab Ventures, who had a funding round with Gittigidiyor are remaining tight-lipped about their exit. According to the Ebay press release, Gittigidiyor.com has more than 400,000 listings and is one of the leading players on the Turkish online trading market. GittiGidiyor.com was founded in 2000 by Serkan Borancili, Burak Divanlioglu and Tolga Kabatas and is headquartered in Istanbul - employeeing more than 60 employees. The press release also mentions that Turkey has over 17 million internet users and growing. This represents a quarter of the Turkish population. In addition, Turkey represents Ebay's 37th market entry to obtain a local presence. Unfortunately, since Gittigidiyor is a privately-held company, we have...
Ebay Buys Stake In Gittigidiyor.com
2007-05-09 20:53:00 That's right. This last week, Web 1.0 auction goliath Ebay just purchased a stake in the Turkish brand of Internet auctions - Gittigidiyor.com. There is no official word yet as to what percentage stake was acquired or for how much. My contacts at AccessTurkey 's iLab Ventures, who had a funding round with Gittigidiyor are remaining tight-lipped about their exit. According to the Ebay press release, Gittigidiyor.com has more than 400,000 listings and is one of the leading players on the Turkish online trading market. GittiGidiyor.com was founded in 2000 by Serkan Borancili, Burak Divanlioglu and Tolga Kabatas and is headquartered in Istanbul - employeeing more than 60 employees. The press release also mentions that Turkey has over 17 million internet users and growing. This represents a quarter of the Turkish population. In addition, Turkey represents Ebay's 37th market entry to obtain a local presence. Unfortunately, since Gittigidiyor is a privately-held company, we have...
Is Turkey Ready for Incubators? - An Answer
2007-05-07 23:28:00 In my previous post, I posed the question, "Is Turkey ready for the concept of business incubation?" I'd like to point out the listed incubators on the Grandstanding Traction sidebar as current proof, but I'll summarize my feelings on the question as such: Discipline: First of all, the Turkish entrepreneur needs to have structured ideas in the form of business planning, or atleast understand how to convey ideas in both the technical and business sense. Finding entrepreneurs with this knowledge and level of written implementation may be hard to come by. Once an entrepreneur receives funding, they must understand that it is not a golden parachute. Pursuing cash flow, profits and an exit for investors must be in the cards. If an incubator were to throw $5000 at someone, this may actually not be taken seriously - in addition to the loss of 2-10% equity. It will be up to the investor to have a hands-on approach in coaching, motivation and dispute resolution - because the idea o... More About: Entrepreneurship , Venture Capital , Answer , Ready
Is Turkey Ready for Incubators? - An Answer
2007-05-07 23:28:00 In my previous post, I posed the question, "Is Turk ey ready for the concept of business incubation?" I'd like to point out the listed incubators on the Grandstanding Traction sidebar as current proof, but I'll summarize my feelings on the question as such: Discipline: First of all, the Turkish entrepreneur needs to have structured ideas in the form of business planning, or atleast understand how to convey ideas in both the technical and business sense. Finding entrepreneurs with this knowledge and level of written implementation may be hard to come by. Once an entrepreneur receives funding, they must understand that it is not a golden parachute. Pursuing cash flow, profits and an exit for investors must be in the cards. If an incubator were to throw $5000 at someone, this may actually not be taken seriously - in addition to the loss of 2-10% equity. It will be up to the investor to have a hands-on approach in coaching, motivation and dispute resolution - because the idea o... More About: Answer , Ready
More on Incubators: Is Turkey Ready For This?
2007-05-02 21:22:00 Strolling through various posts the other day, I came upon Venturebeat's post concerning the Incubator Buzz over Y Combinator. Y Combinator as well as David Cohen's and Brad Feld's Techstars are incubators of a new breed. The idea is simple. Entrepreneurs with viable business plans apply for a three month "training camp". If accepted, the entrepeneur typically receives around $5000 funding for the idea plus an additional $5000 each for 1-3 employees. The teams are then flown to and mentored by their investors for the three month period. Entrepreneurs must agree to give up 2-10% equity of their companies. Interestingly enough, a European version has popped up in Vienna. YEurope (no relation to Y Combinator) coins itself as a "startup-startup" and offers the same terms. For Turk ish entrepreneurs who wish to enter the gates of Vienna after only answering 31 questions - this is your chance! You need to hurry, though, YEurope's application deadline is May 15th. Techcrunch... More About: Entrepreneurship , Turkey , More , Ready
More on Incubators: Is Turkey Ready For This?
2007-05-02 21:22:00 Strolling through various posts the other day, I came upon Venturebeat's post concerning the Incubator Buzz over Y Combinator. Y Combinator as well as David Cohen's and Brad Feld's Techstars are incubators of a new breed. The idea is simple. Entrepreneurs with viable business plans apply for a three month "training camp". If accepted, the entrepeneur typically receives around $5000 funding for the idea plus an additional $5000 each for 1-3 employees. The teams are then flown to and mentored by their investors for the three month period. Entrepreneurs must agree to give up 2-10% equity of their companies. Interestingly enough, a European version has popped up in Vienna. YEurope (no relation to Y Combinator) coins itself as a "startup-startup" and offers the same terms. For Turk ish entrepreneurs who wish to enter the gates of Vienna after only answering 31 questions - this is your chance! You need to hurry, though, YEurope's application deadline is May 15th. Techcrunch... More About: Turkey , Ready
Corporate Governance: Turkish Companies Need to Face the Music
2007-04-29 13:08:00 One of the motivating forces behind Grandstanding Traction was my friend Erkan from Knowledge Revisited (http://governanceturkey.blogspot.com), a blog about corporate governance issues in Turkey. Erkan has a passion and deep knowledge of governance issues, and therefore a lack therof in Turkey. When it comes to evangelizing the reasons why companies should be doing the upmost to use fair and ethical practices in business, he is very motivated. This last week, I took a look at his posts and noticed that once again Galatasaray Sportif AS (GSRAY.TI) with its parent company Futbol AS is back in the limelight over shareholders' rights. He first started covering this story in his post: Rights of minority shareholders in Turkey and two examples.... We'll have to wait and see if the Capital Markets Board (CMB), the market watchdog, will do anything, or ...eh, just watch. UPDATE: It seems the CMB has made their decison. I can't stress this more. When investors start seeing m... More About: Music , Companies , Corporate , Governance , Face
Corporate Governance: Turkish Companies Need to Face the Music
2007-04-29 13:08:00 One of the motivating forces behind Grandstanding Traction was my friend Erkan from Knowledge Revisited (http://governanceturkey.blogspot.com), a blog about corporate governance issues in Turkey. Erkan has a passion and deep knowledge of governance issues, and therefore a lack therof in Turkey. When it comes to evangelizing the reasons why companies should be doing the upmost to use fair and ethical practices in business, he is very motivated. This last week, I took a look at his posts and noticed that once again Galatasaray Sportif AS (GSRAY.TI) with its parent company Futbol AS is back in the limelight over shareholders' rights. He first started covering this story in his post: Rights of minority shareholders in Turkey and two examples.... We'll have to wait and see if the Capital Markets Board (CMB), the market watchdog, will do anything, or ...eh, just watch. UPDATE: It seems the CMB has made their decison. I can't stress this more. When investors start seeing m... More About: Music , Companies , Corporate , Governance , Face
American Business Forum of Turkey Highlights 2007 Executive Survey
2007-04-22 23:37:00 The American Business Forum of Turkey released their 2007 Executive Survey focusing on the Turkish investment environment. The ABFT represents more than 70 US companies doing business in Turkey and works toward continued trade and communication between the two countries. The survey consists of only about 50 responses from US company executives. All in all, the meat of the survey is pretty predictable, and for those who have been following Turkey's investment environment - it should not be suprising. But more importantly, the survey does confirm that Turkey still needs to go a long way in developing its judicial system toward protection of rights as well as dealing with the tedious bureaucracy of doing business. If your interested, The New Anatolian provides a nice summary of the 2007 ABFT Executive Survey. In addition, and based on these results, ABFT member Jeff Kemprecos from Merck Sharp & Dohme Pharmaceuticals, gave a nice presentation of the results with implications and ...
American Business Forum of Turkey Highlights 2007 Executive Survey
2007-04-22 23:37:00 The American Business Forum of Turkey released their 2007 Executive Survey focusing on the Turkish investment environment. The ABFT represents more than 70 US companies doing business in Turkey and works toward continued trade and communication between the two countries. The survey consists of only about 50 responses from US company executives. All in all, the meat of the survey is pretty predictable, and for those who have been following Turkey's investment environment - it should not be suprising. But more importantly, the survey does confirm that Turkey still needs to go a long way in developing its judicial system toward protection of rights as well as dealing with the tedious bureaucracy of doing business. If your interested, The New Anatolian provides a nice summary of the 2007 ABFT Executive Survey. In addition, and based on these results, ABFT member Jeff Kemprecos from Merck Sharp & Dohme Pharmaceuticals, gave a nice presentation of the results with implications and ...
CRH Invests in Turkey: Takes 50% of Denizli Cement
2007-04-20 22:15:00 CRH, an international building materials group, announced that it had purchased a 50% interest in Eren Holding's Deniz li Cement , an integrated cement and readymixed concrete business. CRH is an Ireland-based conglomerate with over 80,000 employees operating in 28 countries with its core businesses in primary materials, value-added building products, and specialist building materials distribution. CRH holds a market capitalization of Euro 17.4 billion. The deal was announced in conjunction with another deal in the US, placing the value of both deals at roughly Euro 225 million in cash and debt. Unfortunately, because of this, we are unable to get exact numbers with the Turkish transaction. According to the CRH press release: Denizli has a modern cement facility with a clinker (baked and fused clay, shale, and sandstone) capacity of 1.8 million tonnes and is the market leader in its region. The company has limestone reserves of more than 100 million tonnes and produced 1.8 mi... More About: Turkey , Vest , Invest
CRH Invests in Turkey: Takes 50% of Denizli Cement
2007-04-20 22:15:00 CRH, an international building materials group, announced that it had purchased a 50% interest in Eren Holding's Deniz li Cement , an integrated cement and readymixed concrete business. CRH is an Ireland-based conglomerate with over 80,000 employees operating in 28 countries with its core businesses in primary materials, value-added building products, and specialist building materials distribution. CRH holds a market capitalization of Euro 17.4 billion. The deal was announced in conjunction with another deal in the US, placing the value of both deals at roughly Euro 225 million in cash and debt. Unfortunately, because of this, we are unable to get exact numbers with the Turk ish transaction. According to the CRH press release: Denizli has a modern cement facility with a clinker (baked and fused clay, shale, and sandstone) capacity of 1.8 million tonnes and is the market leader in its region. The company has limestone reserves of more than 100 million tonnes and produced 1.8 mi... More About: Turkey
Turkish Real Estate: The Sleeping Giant
2007-04-17 19:56:00 A close colleague with over 9 years in the Turkish VC/PE industry recently told me that real estate, of all potential Turkish investments, will have the greatest investment potential going forward in the next 10 years. Indeed, perhaps Turks have always known this, when markets were between crises, or politicians were finished with their rhetorical recants, the people have always held their greatest assets either under their mattresses or in the land that they own (and not in the banks). Yes, we have seen this, but with the recent passing of mortgage laws and banks scrambling for a piece of the action, not to mention the need for 150,000 new homes every year because of the increase in population, Turkey is coping with a construction boom, and finally consumers may have the ability to get cheap credit. As well, according to a report on Turkey by the US Commercial Service, "projections made for 2005 to 2015 state that, on an annual basis, 900,000 houses should be built to meet deman... More About: Estate , Sleeping , Real Estate , Giant , Real
Turkish Real Estate: The Sleeping Giant
2007-04-17 19:56:00 A close colleague with over 9 years in the Turkish VC/PE industry recently told me that real estate, of all potential Turkish investments, will have the greatest investment potential going forward in the next 10 years. Indeed, perhaps Turks have always known this, when markets were between crises, or politicians were finished with their rhetorical recants, the people have always held their greatest assets either under their mattresses or in the land that they own (and not in the banks). Yes, we have seen this, but with the recent passing of mortgage laws and banks scrambling for a piece of the action, not to mention the need for 150,000 new homes every year because of the increase in population, Turkey is coping with a construction boom, and finally consumers may have the ability to get cheap credit. As well, according to a report on Turkey by the US Commercial Service, "projections made for 2005 to 2015 state that, on an annual basis, 900,000 houses should be built to meet deman... More About: Architecture , Estate , Sleeping , Real Estate , Construction
Some Statistics from March: Grandstanding Traction gets some traction of it
2007-04-06 18:28:00 Since starting this blog in November, 2006, I have plodded forward not knowing where it would take me. Was there a need for an informational blog on Private Equity and Venture Capital in the emerging market of Turkey? I thought so. Should I expand on Europe, the Middle East and Africa? I didn't or won't know if I have the time. The real "Ah-Ha" came when AlarmClock:Euro posted about Grand standing's exploits, and then the visitors started pouring in. One thing is for sure: the more I posted the more visitors started visiting. This should ring true for all content providers regardless. Having said that, I have tried my best to gather well-rounded material to give the clearest professional picture of events. In the future, I will do my upmost to report on fundings, dealflow, and exits. In addition, I am trying to make an extra effort toward providing a sector by sector analysis. Of course, having only two hands and 24 hours in a day is a hindrance, and therefore I beg you... More About: Statistics , Gets , March , Marc
Turkish Entrepreneurs and VC's meet in Silicon Valley at TABCON
2007-04-06 17:06:00 A friend of mine just recently sent me a link to TABCON - the 4th Annual Turkish American Business Conference. To be held in San Jose, California on April 28th, this year's theme is "Turkey's Role in the Global High Technology Market". Professor Tony Seba from Stanford University will be the Keynote Speaker, and there will be 5 panel discussions: How can Turkish and American high-tech companies become valuable partners? Turkey as an Electronic Design House Funding a Start-up, Experiences of Turkish American Venture Capitalists Global opportunities in the Wireless Sector Web 2.0 in Silicon Valley and ?stanbul The makeup of these panels looks very inviting with such professionals like Mehtap Özkan of Golden Horn Ventures, Ayd?n ?enkut of Felicis Ventures, Kerim Baran - founder of Yonja.com, and Emre Sokullu of GROUPS and writer/analyst for Read/WriteWeb. Too bad I can't go, as Grandstanding Traction is still on a shoestring. But there is not much time left, so you better che... More About: Meet , Entrepreneurs
The Shopping Center Boom in Turkey
2007-04-01 22:44:00 The beginning of 2007 has been marked by some notable entries into the Turkish market: foreign investment into Turkish shopping centers. According to an article in the TDN in February quoting a WSJ article, "prime shopping centers offer yields of around 8 percent to 9 percent. Investors buying shopping centers before they are completed hope for yields of 10 percent to 11 percent." I would venture to guess that ROI?s are very much in the teens when it comes to Turkey ?s current environment, hence the future demand. (Corio?s Real Estate Investment Fund expects a 5-year return of 20%!) In another example, Andrew Finkel writes in Today?s Zaman that, "the new Kanyon shopping mall designed by Venice Beach headquartered Jerde Associates is now estimated to be worth three times its $200 million ticket price." Aside from these numbers, the rush towards investment can be attributed to one important statistical comparison: Turkey has just 30.4 square meters of retail space per 1,000 people... More About: Shopping , Venture Capital , Private Equity , Shop
AlarmClock:Euro adds to Grandstanding's Traction
2007-03-25 21:37:00 As a blogger, I'm very humbled by TheAlarm Clock:Euro 's mention of Grand standing Traction. {Turkey's Venture Market Has A Blog}. However, as a PE/VC Enthusiast who truly believes in the potential boomtown proportions of the Turkish market, I never doubted that it would happen. Also mentioned, were Cem Sertoglu's Sortipreneur and Baris Karadogan's From Istanbul to Sand Hill Road. For those of you who are new to Grandstanding Traction - Welcome! For a review of our objectives, go to our first two posts: Introduction: Grandstanding Traction Objectives The Existence of Grandstanding in Turkey? Rightly so, I received a sizable jump in visitors as the post was released last Friday. Here is the token statistic spike image: at Technorati!">Technorati Tags: Grandstanding Traction, TheAlarmClock, TheAlarmClock:Euro, Cem Sertoglu, Sortipreneur, Turkey, Baris Karadogan, From Istanbul to Sand Hill Road, VC Blogs, venture capital, VC More About: Standing , Lock
Google's new Gapminder and Turkey's working women
2007-03-19 09:51:00 Per Paul Kedrosky's Infectious Greed Gapminder post regarding Googl e's acquistion of Gapminder, I'm sure many can make their assumptions behind Google's strategy at picking up this interesting tool. You can also check out Alarm:Clock Euro's account of the Gapminder acquisition. As a geek when it comes to data imaging models, the "coolness" factor here is pretty "juicy". I can only imagine the multitude of datasets that could be nicely plugged into this little toy. As mentioned on the sourced posts, "too bad you can't enter your own data yet." The "play" and "trail" function are really nice. Nicely done. It will be interesting to see what Google's intentions are. Yes, we can all talk about the distribution of funds, moving money around, keeping stock prices afloat, acquisition of human resources, or making it look like "we are doing something", etc. I mean, come on, if you have a lot of cash, like Google does, you have to put those assets to work. Nonetheless, Google... More About: Women , Mind , King , Working
Investment Banks clamor toward Turkey; Scoop up Brokerages and Licenses
2007-03-15 21:13:00 Turkey ? the emerging market. Could it be that the political and fiscal doldrums of Turkey are in its past? Well, the statistics of Turkey?s evolution and its developing status tell an amazing story. Able to withstand the hiccup of the global markets and hot-money pull-out of last year, the Turkish market has been outperforming almost all of the world?s markets (at least up until the end of February). Faced with this ?sense of stability?, major brokerage and investment houses have decided to set up shop in Turkey in attempts to reap the remaining benefits of this growing market. With a new deal being announced literally every month for the last six, could we actually call it a boom? Nevertheless, will the ghosts of Turkey?s past come back to haunt (hence, the implications of the most recent global downturn), or have these banks and investors really taken a leap of faith toward a hopeful and developed nation? A list of entries and office openings (though not complete) is as fo... More About: Turkey , Investment , Banks , Scoop , Investment Bank
Standard Bank partners with Dundas Unlu; forms Standard Unlu
2007-03-06 15:24:00 South Africa’s Standard Bank has acquired 67% of boutique brokerage house Dundas Unlu for an undisclosed sum pending Turkish and South African regulatory approval. The acquisition will be achieved by selling the entire shareholding of Alasdair Dundas, Tahincioğlu Holding A.Ş. and Özcan Tahincioğlu. Mahmut Ünlü, one of the founding partners of Dundas Ünlü, will continue in his role as CEO and the new partnership will be called Standard Ünlü. {Standard Bank Press Release – Standard Bank and Dundas Unlu join forces in Turkey} Standard Bank said in its statement, "This transaction is clear evidence of Standard Bank’s commitment to Turkey and is consistent with the continued development of its emerging markets franchise." {Graph courtesy of Dundas Unlu} Conjecture is still open for discussion and development on the reasons for this deal. Nonetheless, the current partners of one of Turkey’s leading M&A advisors have exited for ventures elsewhere. Time will tell w... More About: Partner , With , Anda , Part
UPDATE: TAV IPO nets Goldman over $50 million in 2 months
2007-03-02 13:16:00 You may have watched last week’s IPO of TAV with baited breath, but was there really any need for concern. TAV was able to raise $320 million. Early predictions slated Gold man Sachs would walk away with over $30 million in gains. These estimates were shattered as the stock price reached a peak of 11 YTL on the day of offering. Upon exit, Goldman proceeds could turn out to be in excess of $50 million - a nice 60 days work, if you can get it. My kudos go out to those men and women on the ground that pushed the interest through with this IPO. Here’s how the IPO fell out: London: International institutional investors bought up just under 70% of the sharesDemand for allotment was oversubscribed 18x. Istanbul: Domestic investors bought the remaining 30% of sharesDemand for allotment was oversubscribed 10x. Total demand for shares: $5 billion based on oversubscription. As seen in the graphic on the right, TAV has since taken a fall with the recent volatility at the Istanbul Stoc... More About: Lion , Update , Over , Million
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Goldman Sachs announces exit on TAV's IPO
More articles from this author:2007-02-17 15:54:00 As you may have heard, Turkish airport operator TAV Airports Holding is set to float on the Istanbul Stock Exchange aiming to raise up to $340m (262m Euro). If successful it would become the country’s fifth-largest offering. The float will raise $300m at the mid-point with the green shoe offering, and at the top of the range could overtake the $317m initial public offering of Coca Cola Icecek Uretim in May last year. Gold man Sachs holds a 15% stake in the firm that they acquired only a month and a half ago at the end of December for $225m. TAV will float 16% of its capital and at the mid-point could be valued at $1.6bn. Last week, Goldman Sachs announced they would sell up to 44.6 million shares at a price range of 8.55 liras to 10.30 liras a share. They have the potential to make $30m (€23m) from the float. TAV will float 69% on London aimed at institutional investors and 31% on Istanbul aimed at Turkish retail investors. A source close to the deal said: "This deal ... More About: Anno 1, 2, 3, 4 |
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