Eighteen companies raised a combined sum of Turkish lira (TRY) 44bn ($1bn) via Borsa Istanbul initial public offerings (IPOs) in 2025, according to data compiled by bne IntelliNews.

In 2024, 34 companies raised TRY 60bn ($1.7bn) via Istanbul IPOs.

In 2023, 54 companies raised TRY 79bn ($3bn) in IPOs conducted on Borsa Istanbul. In 2022, 40 companies raised TRY 19bn ($1bn). In 2021, 52 companies raised TRY 22bn ($2bn).

(See the full list of IPOs here).

On its website, Turkey’s capital markets board SPK lists IPOs based on the first day of trading. Data provided above is based on the bookbuilding dates.

120-130 companies in IPO queue

The ongoing monetary tightening process has hurt Borsa Istanbul. Additionally, since the jailing of Istanbul mayor Ekrem Imamoglu in March, political risks have emerged as a major negative factor.

Between March and September, no IPOs were held.

On November 4, Omer Gonul, head of SPK, said that 120-130 companies had filed applications to hold IPOs.

Arf Bio, latest in 2025

Renewable energy producer Arf Bio Yenilenebilir Enerji (ARFYE) was the last company that held an IPO in 2025.

On December 27, A1 Capital Yatirim Menkul Degerler (A1CAP), which acted as the intermediary in the offering, said that ARFYE sold a 26% stake for a consideration of TRY 917mn ($21mn).

The transaction was concluded for TRY 19.5 per share. The bookbuilding was held during December 25-26.

No participants in the IPO acquired more than 5% of the offered shares. According to local legislation, intermediaries are obliged to file the details of real or legal persons who acquire more than 5% of offered shares in a Borsa Istanbul IPO.

Via the IPO, ARFYE hiked its paid-in capital by TRY 35.5mn to TRY 183mn while Istanbul-based Re-Pie Asset Management sold 11.5mn existing shares.

In the wake of the offering, Re-Pie holds a 70% stake, including 37mn privileged Type A shares, in the company while Pardus Girisim Sermayesi (PRDGS), the venture capital unit of Guler Yatirim Holding (GLRHY), holds the remaining 4%.

Ankara-based ARFYE, launched in 2015, has a 4.8-MW biogas plant in Izmir. It also produces fertilisers.

The biogas plant has the right to sell its output for $13.2/MW between 2019 and 2028 under YEKDEM (renewable energy resources support mechanism).

In May 2021, Re-Pie acquired a full stake in ARFYE for a consideration of $98.5mn. In December 2021, it sold a 5% stake in the company to Pardus for TRY 40mn.