Mercan Kimya's IPO Approved

The Capital Markets Board (SPK) approved Mercan Kimya's initial public offering application with a price range of TRY 8.81-10.46 per share.

The Capital Markets Board (SPK) approved the initial public offering application of Mercan Kimya Sanayi ve Ticaret A.Ş. Shares with a nominal value of TRY 1 will be offered for sale at a price range of TRY 8.81-10.46.

The company's published draft prospectus stated: "This prospectus relates to the initial public offering of shares with a nominal value of TRY 20,000,000 to be issued due to the increase of our partnership's issued capital from TRY 45,000,000 to TRY 65,000,000."

A1 Capital will serve as the underwriter for the initial public offering.

Founded in Denizli in 1977, Mercan Kimya is Turkey's first paraffin producer. The company, with an annual production capacity of 88,000 tonnes, manufactures paraffin, paraffin emulsion, paraffinic oils and vaseline for domestic and export markets. According to information on the company's website, the majority of production is exported to 85 countries across 5 continents.