- An IPO could value the Turkish company at over $700 million
- Turkven and Akarlilar family said to meet with banks
The owners of Turkey’s Mavi Jeans are considering options including an initial public offering for the denim brand, people familiar with the matter said.
Turkven Private Equity and the Akarlilar family have held preliminary meetings with advisers, said the people, who asked not to be named because the deliberations are private.
Mavi, which claims to be a favorite of celebrities including Lady Gaga, Jessica Alba and Adriana Lima, would be valued at more than $700 million in an IPO, the people said. The company may decide to hold off on listing this year because a turbulent international investment market is making share sales difficult, they said.
Mavi Chief Executive Officer Cuneyt Yavuz didn’t immediately reply to an e-mail seeking comment. A representative for Turkven declined to comment.
Mavi sells its clothes through a network of thousands of third-party retailers and hundreds of its own shops in 50 countries, the company said on its website. Turkven bought a stake in the company in 2008.
Turkish companies are returning to the IPO markets after raising just $34 million from listings last year, data compiled by Bloomberg show. Higher borrowing costs after the U.S. Federal Reserve started raising interest rates and a move by the country’s finance ministry in July to cut taxes on listings are prompting the interest, according to Vahdettin Ertas, head of the country’s capital markets authority.
Metals producer Cuhadaroglu Metal is planning an IPO this month, making it the first for a Turkish company since June last year, according to the Bloomberg data. Turkcell Iletisim Hizmetleri AS, Turkey’s biggest mobile-phone carrier, is considering an IPO for its wireless towers unit, people familiar said last week.