Turkey’s leading mobile operator Turkcell has begun approaching domestic and international investment banks to gauge their potential interest in managing an initial public offering (IPO) of the group’s fixed broadband subsidiary Superonline, according to unnamed sources with knowledge of the matter cited by Bloomberg. Turkcell CEO Murat Erkan said in February that the group’s management and shareholders were discussing potential stake divestments in subsidiaries including Superonline, tower infrastructure company Global Tower and payment services provider Paycell through block sales or IPOs. An IPO could be delayed if investor demand is deemed insufficient, according to three of Bloomberg’s anonymous sources.
Superonline, which occupies second place in Turkey’s fixed broadband subscriber market behind Turk Telekom, remains wholly owned by Turkcell, which has not yet listed any of its subsidiaries. Turkcell itself is controlled by the sovereign Turkey Wealth Fund (TWF), while 49% of its shares are in free float on the New York Stock Exchange (NYSE) and the Borsa Istanbul (BIST).