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Sisecam Said to Tap Goldman, Is Yatirim for Pasabahce IPO

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May 22 (Bloomberg) -- Turkiye Sise & Cam Fabrikalari AS, Turkey’s biggest glass-making group, is working with Goldman Sachs Group Inc. and Is Yatirim Menkul Degerler AS to take its glassware unit public, two people with knowledge of the situation said.

Shares of the Istanbul-based unit, Pasabahce Cam Sanayi & Ticaret AS, may be sold late this year or early next, said the people, who asked not to be identified because the plans are private. Sisecam, owned by Turkiye Is Bankasi AS, the country’s biggest lender by assets, holds 99 percent of Pasabahce.

As a public company, Pasabahce may be valued at about five times earnings before interest, tax, depreciation and amortization, a November report by investment firm Oyak Yatirim Ortakligi AS estimates. Oyak also estimated Pasabahce’s Ebitda last year at 211 million liras ($114 million). The company’s book value was 494 million liras at end of September, the latest available data, according to a research note by the Ekspres Invest brokerage house.

IPOs in Europe, the Middle East and Africa have raised $7 billion this year, about 80 percent more than what companies sold in the same period in 2012, data compiled by Bloomberg show. In the biggest Turkish IPO this year, low-cost carrier Pegasus Hava Tasimaciligi AS raised 650 million liras selling 35.3 million shares on April 22, valuing the company at 1.88 billion liras.

Unlocked Value

Ekspres Invest, an Istanbul-based brokerage owned by OAO Sberbank, said Jan. 24 that Pasabahce’s IPO would positively affect other companies in the group -- including Trakya Cam, Anadolu Cam, Soda Sanayii -- as “the value of Pasabahce will be unlocked and the ownership structure will be more transparent.”

Pasabahce posted 575 million liras in net sales and 13.8 million liras in net income in the first nine months of 2012, according to the company’s website. Sisecam shares gained 0.9 percent to 3.28 liras at 10:35 a.m. in Istanbul. Trakya Cam gained 2.25 percent and Anadolu Cam 1 percent.

A Goldman Sachs spokeswoman didn’t reply to e-mailed questions. An Is Yatirim official declined to comment. Ahmet Kirman, chief executive officer of Sisecam, didn’t answer e-mailed questions from Bloomberg seeking comment.

To contact the reporters on this story: Ercan Ersoy in Istanbul at; Ruth David in London at

To contact the editor responsible for this story: Benedikt Kammel at

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