15 Nisan 2011 Cuma

Vehicle equipment maker starts trading on Istanbul bourse

Katmerciler Araç Üstü Ekipman, a Turkish producer of specialized equipment for vehicles such as fire and garbage trucks, floated shares on the Istanbul Stock Exchange, or ISE, on Thursday.

Katmerciler shares were offered to the public in a generous campaign that included buyback guarantees and “bonus shares” for individual investors if purchased stock was kept in stock for a certain period of time.

As the gong sounded at the ISE, 24 percent of the company’s shares started trading at the launch price of six Turkish Liras, giving Katmerciler an overall value of 75 million liras. At the start of November the company’s initial public offering, or IPO, managed by brokerage Deniz Yatırım, raised the company 18 million liras.

“The IPO was three-times oversubscribed,” Katmerciler Chairman Mehmet Katmerci said at the bourse.
“One of the most important elements of this IPO was that we offered a buyback guarantee at the same price of the actual purchase in the first three months,” Katmerci told the Hürriyet Daily News & Economic Review after the float, adding that the firm could purchase its shares back during this period.

“We also offered nearly 5 percent in bonus shares to [individual investors] who keep their shares for at least 90 days.”

New production facility

Katmerci said most of the proceeds from the IPO would be used to expand business and make new investments. The chairman said Katmerciler had purchased 72,000 square meters of land in the Aegean province of İzmir worth nearly $3 million.

“A new factory is slated for construction for another $3 million in order to increase production by nearly 35 percent,” he said.

At 2 p.m. Thursday, the company’s shares were trading at 5.96 liras apiece.

“With nearly 18 public offerings on the ISE since the start of this year, companies have collected $1.9 billion [in proceeds] so far,” said Hüseyin Erkan, president of the ISE. Including bond issuances, the amount has reached $2.7 billion.

Erkan also said that at the Nov. 8 and Nov. 9 IPO for Emlak Konut Real Estate Investment Trust the company offered its shares at a starting price of between 1.60 and 2.15 liras per share, with the price difference corresponding to a market capitalization of between 4 billion liras and 5.4 billion liras.
Nearly 24 percent of the company’s shares will be traded at the bourse, said Erkan, adding that the company was the largest real estate firm to have ever floated shares on the ISE.

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