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What is an Initial Public Offering (IPO) ?

Public offering refers to a general call made by any ways for purchase of capital market instruments and the sales executed subsequent to and upon this call. The most common public offering is the offering of shares. The companies that meet legal requirements and receive approval of the Capital Markets Board (CMB) can go public. After valuation process , Company’s IPO price is determined and company shares initially start trading at this price.

Types of IPO

• Sales via Book building
• Sales without Book building
• Sales in the Exchange

What are the main stages of IPO Process?

IPO is a process consists of many stages. IPO’s require companies to go through a preliminary preparation stage and to commit enough resources for an intense work starting from the initial application until receiving the necessary approvals.

Preliminary Preparation Stage 
•Amendment of Articles of Association to comply with the CMB regulations
•Preparation of the Prospectus and Application Documents
•Beginning of the Work on the Price Determination Report

Preparation Stage 
• Application to CMB and Borsa İstanbul
• Evaluation of Aplications by Experts from CMB and Borsa Istanbul
• Application to Istanbul Settlement and Custody Bank and Central Securities Depository
• Approval of quotation application by Borsa Istanbul
• Approval of IPO Prospectus by CMB
• Public Offering and Book-Building
• Listing and beginning of the trading of shares

Benefits of IPO’s for Companies

• Financing 
• Liquidity
• Recognition and Reputation
• Institutionalization and Transparency
• Globalization
• Credibility

Benefits of IPO for Individual Investors

• Discounted price opportunities
• Diversification of investments
• Benefits of investing in a controlled eco-system
• Opportunity for early access to investment

What Should Individual Investors Consider While Participating in IPO’s ?

Investors should definitely analyze related company’s prospectus, price determination report and financial statements before deciding to participate in the public offering.
It is beneficial to conduct comprehensive research before making an investment decision. As always, there are risks as well as advantages of the stock market. Therefore, it is important to consider volatility, uncertainty and other factors impacting the performance of the related investment.


Application Channels:

• Application Channels for Sales in the Stock Exchange: You can apply to an IPO by bidding on Garanti BBVA e-Trader Mobile via the "Buy Sell" - "Quick Buy Sell" step, and on Garanti BBVA e-Trader Web by searching for the company ticker (XXXX.HE) in the symbol search area and using the order screen that appears. Additionally, you can apply by searching for the ticker of the company to be listed in the "Investment" menu under "Equity" - "Stock Purchase" on Garanti BBVA Internet and in the "Transactions" - "Investments" menu under "Equity Transactions" - "Stock Purchase" on Garanti BBVA Mobile.

• Application Channels for Book Building: You can apply to an IPO by bidding on Garanti BBVA Internet under the "Investment" menu in the "IPO" - "Equity IPO" step, and on Garanti BBVA Mobile in the "Transactions" – "Investments" menu under the "IPO" step by searching for the code of the equity to be offered.

The Things You Should Know Following an IPO

• You can find the details of your IPO application by following these steps: Investment - Initial Public Offering – Final Demand from Garanti BBVA Mobile
• If you have already applied for the IPO, you cannot change the quantity and price of your bid. To do so, you need to cancel your existing application and then apply again.
• IPO shares that are allocated to you will typically be reflected into your account at latest 2 days after the announcement of allocation results of the IPO that you applied. This duration may vary for each IPO.
• IPO shares begin trading on the exchange in accordance with the announcement published on public disclosure platform

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