Global Yatirim Hires Banks for Turkey's First London Listing

  • Company hopes to raise $250 million in IPO of its ports unit
  • Deal looks likely to be followed by spate of overseas listings

Global Yatirim Holding AS, a conglomerate with interests spanning tourism and energy, hired Barclays Plc, Citigroup Inc. and Goldman Sachs Group Inc. to manage the first ever London listing by a Turkish issuer.

The company is conducting an initial public offering of its ports unit and selected VTB Capital to act as bookrunner along with the trio of global coordinators, with Shore Capital appointed as lead manager, Global Yatirim said Wednesday in a public filing.

The IPO of Global Ports, also known as Global Liman Isletmeleri AS, is due to be held next month after a roadshow starting on May 2, and the Istanbul-based group expects to raise $250 million depending on demand. Global Yatirim jumped as much as 18 percent to 3.14 liras in Istanbul trading, the highest level since 2000.

The Global Ports deal looks likely to be followed by a series of foreign IPOs from Turkish companies. Private-equity firm Turkven is said to be considering offerings in London or Istanbul -- or both -- of its regional Domino’s Pizza franchise and its blue-jeans maker Mavi Jeans. The Turkish owner of the biggest international Burger King franchise is also said to be weighing an overseas listing.

London listings may be something that investors are looking for when companies float, “but we will at least urge them to consider a dual-listing,” Borsa Istanbul Chairman Himmet Karadag said at a news conference on Wednesday.

Global Ports is the world’s biggest independent cruise-port operator, based on 2015 figures on its parent’s website, and operates in countries from Turkey and Spain to Singapore.

Global Yatirim sold a 10.8 percent stake in the company to the European Bank for Reconstruction and Development in 2015 after a lack of demand prompted it to cancel an IPO that would have valued it at as much as 2.1 billion liras ($573 million). Global Ports’ revenue rose 9 percent to $114.9 million in 2016, according to a statement sent to Bloomberg on Wednesday.

    Before it's here, it's on the Bloomberg Terminal.