Following the successful completion on May 13-14 of the initial public offering (IPO) of ODAŞ Enerji, a leading company in the electricity sector, Borsa İstanbul’s bell rang for ODAŞ on May 21 and the company’s equities started to trade on Borsa İstanbul. The IPO of 28.6% of ODAŞ Enerji’s capital attracted great interest by investors, with equities of a nominal value of TL 12 million receiving 16,428,151 requests.
In the IPO of Odaş Enerji, operating in the energy sector, company’s equities with a nominal value of TL 12 million were allocated as follows: 40% to domestic retail investors, 15% to domestic institutional, and 45% to foreign institutional investors. During the IPO process, the demand from particularly domestic and foreign institutional investors was twice the expected level. As a result of such demand by institutional investors, domestic and foreign institutional allocation ratios were increased to respectively, 15% and 45%.
As a result, 681 investors acquired equities with a nominal value of TL 12,000,000, and ODAŞ Enerji’s post-IPO market capitalization reached TL 210 million, while the IPO size was realized at TL 60 million. The company’s equities were sold at TL 5 per unit while the dividend policy was announced as “20% of distributable profit”. In the prospectus, the shareholders undertook not to sell their shares for a term of one year and the company, not to enter into rights issues for a term of one year.
“Investors have Become Partners of the Future’s Energy Company Today”
Following the successful IPO process, the bell to start the trading session in Borsa İstanbul rang for ODAŞ Enerji, and the company shares started to be traded on May 21, 2013. In the ceremony, Mr. Bahattin Özal, the company’s Chairman, said:
“When we initiated the IPO process, we had advised investors to become partners of the future’s energy company today. We are very pleased to see that both local and foreign portfolio investors accepted this invitation. Following the successful completion of the IPO, our equities are now traded on Borsa İstanbul and we are enjoying the pleasure of reaching new investors, and new investment opportunities. Thanks to our strong technological structure, fast growth and profitability, we will make use of new investment opportunities and with our new shareholders, will continue to strengthen ODAŞ to become the leading company in the electricity sector in terms of both production and sales and trade”.
Borsa İstanbul Executive Vice President Mustafa Kemal Yılmaz said in his opening speech:
“Energy, which we need in every field, today has become an industry which highly contributes to the economy. Turkey serves as an energy bridge between the East and the West, and has displayed a sustainable development in this area thanks to the recent investments. We are particularly pleased and proud with the public offerings of companies that support this sustainability and that provide value-added to the economy. As an eminent company of the energy sector, ODAŞ Enerji today offers its power to the public. ODAŞ Enerji is the 410th company traded on Borsa İstanbul, and I hope that the IPO will prove beneficial for both ODAŞ Enerji family as well as all relevant parties, and take this opportunity to invite other companies to make use of the opportunities offered by the capital markets”.
