Turkey's Biggest Shipper UN Ro-Ro Said to Plan IPO This Year

Updated on
  • U.N. Ro-Ro likely to work with Citigroup and Morgan Stanley
  • Turkey could have its best year ever for IPOs this year

Turkey’s biggest operator of roll-on, roll-off transport vessels is planning an initial public offering this year, according to three people with knowledge of the plans.

Actera Group and Esas Holding AS, the owners of U.N. Ro-Ro Isletmeleri AS, are likely to work with Citigroup Inc. and Morgan Stanley on the deal, said the people, asking not to be identified because the discussions are private. They’re also talking to local firms Is Yatirim Menkul Degerler AS and Garanti Yatirim Menkul Kiymetler AS, the people said.

Actera and U.N. Ro-Ro didn’t respond to emails seeking comment. Esas Holding, Citigroup, Morgan Stanley, Is Yatirim and Garanti Yatirim all declined to comment.

Turkish companies are turning to share sales as demand for emerging-market assets rises in what could be the best year ever for offerings in the country. About a dozen IPOs are in the works that could raise $3 billion to $4 billion in 2018, according to Istanbul-based brokerages Unlu & Co. and Is Investment, surpassing the record set in 2007.

Turkish buyout firms Actera and Esas bought 97.6 percent of U.N. Ro-Ro from KKR & Co. in 2014 for 700 million euros ($869 million), 50 million euros more than the company’s net debt at the time. The company offers services from Turkey to ports in Italy and France and central European destinations through land connections, according to its website.

U.N. Ro-Ro’s plan to acquire the assets of Istanbul-based shipping company Ulusoy Denizcilik AS for 215 million euros last year is still pending an investigation by Turkey’s antitrust authority, which blocked the acquisition in its preliminary examination.

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