Hitit's Public Offering Application Approved by the Capital Markets Board (SPK)

Hitit's initial public offering application has been approved by the Capital Markets Board (CMB), with the company being among the world's leading technology exporters in aviation and travel technologies and Turkey's largest technology exporter in the sector. The company will conduct a bookbuilding process between 23-25 February 2022, led by ÜNLÜ Menkul Değerler A.Ş., for the public offering of 27.6 percent of its shares, with the IPO price range set at TRY 11.50-12.50. A consortium of 36 intermediary institutions, led by ÜNLÜ Menkul Değerler A.Ş., was established for the IPO, which will be conducted using primarily capital increase methods and partly secondary offering methods. With the price range, bookbuilding and best efforts method, Hitit shares to be offered will be allocated as follows: 25 percent to domestic individual investors, 25 percent to domestic high-demand investors, 25 percent to domestic institutional investors, and 25 percent to foreign institutional investors. Following the IPO, the company's public float is expected to be 27.6 percent, with the IPO size estimated between TRY 405-440 million. Price stabilization transactions are planned for 30 days following the commencement of trading of the company's shares on Borsa Istanbul, while the company and its partners have committed to not conducting any capital increases, share sales, or increasing the number of shares in circulation for 180 days.

84 percent of revenues from exports

Founded in 1994 by Nur Gökman and Dilek Ovacık to develop software and technological solutions for airlines, Hitit operates from its headquarters at Istanbul Technical University Technopark with 300 engineers, providing technology services to 48 airlines from 38 countries across 5 continents. Hitit's software is also used in 290 airports and approximately 4,000 travel agencies worldwide. Operating on a global scale with approximately 84 percent of its revenues in foreign currency, the company maintains its financial records in US Dollars. Hitit has been selected as Turkey's largest tourism software exporter for the past three years.   About Hitit Hitit was founded in 1994 by Nur Gökman and Dilek Ovacık, who worked as executives at Turkish Airlines. The company's founding purpose and the primary objective of its founders, who came from within the aviation industry, was to operate with entirely domestic capital, break free from external dependencies, and transform Turkey into a technology exporting country in aviation. With this philosophy, Hitit produces next-generation airline and travel software solutions for companies operating in the airline and travel sectors, primarily airlines, and delivers them as usage-based services (software as a service). The company provides single-point service to companies in the sector for their reservation, ticketing, check-in, passenger departure control, crew planning, loyalty management, revenue accounting, expense accounting, tariff planning, operations control, crew planning, tour operator/charter management, comprehensive performance measurement and cargo needs through Crane branded software solutions.