Turk Telekom IPO raises USD1.9bn

13 May 2008

The initial public offering (IPO) of shares in Turkey’s dominant fixed line operator, Turk Telekom, has been priced at TRY4.6 (USD3.64) a share, near the top of its initial range. The sale of a 15% stake in the telco will raise around TRY2.42 billion for state coffers, Reuters reports. An over-allotment option was not used, and with the main Istanbul index having dropped 24% this year, the amount raised was well below the government’s original forecast of TRY3.9 billion. Turk Telekom shares will start trading on the Istanbul Stock Exchange on 15 May.

Turkey, Turk Telekom