Turkey’s capital markets board, SPK, has approved an application filed by Agaoglu Avrasya REIT to hold a Borsa Istanbul initial public offering (IPO), the authority’s weekly bulletin showed on March 26.

Agagoglu Avrasya will sell 176mn shares, amounting to a 25% stake, for a consideration of Turkish lira (TRY) 21.10 per share, or TRY 3.7bn ($84mn).

The company will hike its paid-in capital by TRY 106mn to TRY 701mn via the IPO while Ali Ibrahimagaoglu, known as Ali Agaoglu from his media profile, will sell an additional 70mn existing shares.

Istanbul-based Agagoglu Avrasya, launched in 2023, has residential and office projects in its portfolio.

Real estate developer? Borsa Istanbul is working for you

The SPK has come in for criticism for approving IPOs that aim to finance real estate developers while hundreds of companies are waiting in the queue to gain permission for a listing.

Agaoglu Avrasya will become the fourth real estate investment trust (REIT) to hold an Istanbul IPO this year. Fifty two REITs are currently listed on Borsa Istanbul.

After the Agaoglu Avrasya IPO, there will be 53 REITs on a market that provides for the trading in shares of 605 companies.

Ali Agaoglu back on IPO stage

Ali Agaoglu is no stranger to the IPO stage. In 2023, Agaoglu Sirketler Grubu sold a 25% stake in Tatlipinar Enerji (TATEN) for TRY 1.6bn ($59mn).

Launching an IPO across the end of the 10-year feed-in-tariff (FiT) programme, known as the Renewable Energy Support Mechanism (YEKDEM), is another common habit on the Borsa Istanbul.

First IPO approval amid Iran war

Agaoglu Avrasya has become the first Turkish IPO applicant to get the green light since the February 28 onset of the latest chapter in the US and Israel’s war on Iran.

The bookbuildings of the last two IPOs were held during March 2-4 while another bookbuilding was held during March 2-3 and another was held between February 26 and March 2. However, these were all approved before February 28 and there were no cancellations amid the outbreak of the conflict.

AKP member and TUGVA director sells 20% stake in payment network

MetropolCard (MCARD) sold 19mn shares, amounting to a 20% stake, via a Borsa Istanbul IPO, Tera Yatirim Menkul Degerler (TERA), which acted as the intermediary in the offering, said on March 9.

The transaction was concluded for TRY 1.51bn ($34mn), or at TRY 80.00 per share. The bookbuilding was held during March 2-4.

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, MCARD hiked its paid-in capital by TRY 12.6mn to TRY 93mn while Hak Teknoloji Yatirim sold an additional 2.8mn existing shares and Bilgesan Elektrik sold 2.5mn shares. Partners at the Onder Akinci law office sold the remaining 0.4mn shares.

In the wake of the offering, Hak holds a 36% stake in the company, including 9mn privileged Type A shares, while Bilgesan controls a 31% stake, including 8mn Type A shares. Partners at the Onder Akinci law office hold the remaining 13% stake, including 3.2mn Type A shares.

Hak is owned by Omer Faruk Akbulut, a member of the ruling Justice and Development Party (AKP) and a member of the board of trustees at the Turkish Youth Foundation (Tugva).

Istanbul-based MCARD, launched in 2013, provides payment network services with debit cards for different purposes, including expenditures at restaurants, fuel stations, gift shops, hotels and school canteens.

Payment network providers are different from fintech companies that provide payment services as they work in a closed network with a licence provided by the trade ministry.

AKP member sells 36% stake in a REIT

Luxera REIT (LXGYO) sold 120mn shares, amounting to a 36% stake, Tera, again acting as an offering intermediary, said on March 5.

The transaction was concluded for TRY 1.45bn ($33mn), or at TRY 12.05 per share. The bookbuilding was also held during March 2-4.

No participants in the IPO acquired more than 5% of the offered shares.

Via the IPO, Luxera hiked its paid-in capital by TRY 90mn to TRY 330mn while Ramazan Tas, Emad Ragab, Cemal Suleyman and Ali Khalil sold an additional 30mn existing shares.

Tas is a member of the AKP. Ragab is Egyptian. Suleyman and Khalil are also Arabian.

In the wake of the offering, the four men hold the remaining 64% stake in the company, including 1mn privileged Type A shares.

Tera Portfoy and Pardus Portfoy have been active on Luxera’s trading board following the IPO.

Istanbul-based Luxera, launched in 2015, develops residential projects.

Chemicals company sells 21% stake

Gentas Kimya (GENKM) sold 125mn shares, amounting to a 21% stake, Deniz Yatirim (the brokerage unit of Denizbank, a unit of Emirates NBD), which acted as the intermediary in the offering, said on March 4.

The transaction was concluded for TRY 1.37bn ($31mn), or at TRY 11.00 per share. The bookbuilding was held during March 2-3.

No participants in the IPO acquired more than 5% of the offered shares.

Via the IPO, Gentas hiked its paid-in capital by TRY 84mn to TRY 609mn while members of the Kahraman and Aydin families sold an additional 41mn existing shares.

In the wake of the offering, the Kahraman and Aydin family members hold the remaining 79% stake in the company, including privileged Type A shares.

Kocaeli-based Gentas, launched in 2000, produces chemical products.

Another REIT IPOs, sells 27% stake

Savur REIT (SVGYO) sold 295mn shares, amounting to a 27% stake, Tera, which again acted as an offering intermediary, said on March 3.

The transaction was concluded for TRY 1.1bn ($24mn), or TRY 3.64 per share. The bookbuilding was held during February 26-March 3.

Luxembourg-based PSI Concepts SA acquired 18.5mn shares in the IPO.

Via the IPO, Savur hiked its paid-in capital by TRY 208mn to TRY 1.1bn while the Yildiran family members sold an additional 87mn existing shares.

Following the offering, the Yildiran family hold the remaining 73% stake in the company, including 1mn privileged Type A shares.

Istanbul-based Savur REIT, launched in 2023, develops hotel and residential projects.

120 companies in IPO queue

In November, Omer Gonul, head of Turkey’s capital markets board SPK, said that 120-130 companies have filed applications to hold IPOs.

In January, local business daily Ekonomi reported that 125 companies were awaiting approval for a market debut. If investor appetite holds up, analysts expected 30 to 35 IPOs could be completed in 2026.

13 IPOs in year to date

So far this year, a total of 13 companies have raised a total of TRY 18bn from Borsa Istanbul IPOs (see the full list here).

In 2025, 18 companies raised TRY 44bn ($1bn) via Borsa Istanbul IPOs.

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