LEXIST

CMB increases IPO Thresholds for 2024

Print Friendly, PDF & Email

With the decision of the Capital Markets Board (“CMB”) dated 28.12.2023 and numbered 81/1811 (the “Decision”), the CMB has determined new IPO thresholds for 2024, that are subject to evaluation under the capital markets legislation, specifically the Capital Markets Law (CMB Bulletin dated 29.12.2023 and numbered 2023/82).

 

The new amounts determined in the Decision are as follows:

 

  • The minimum capital amount required for transition to the registered capital system as set forth in Article 5 of the Communiqué on the Authorized Capital System (II-18.1) has increased from TRY30,000,000.00 (thirty million) to TRY100,000,000.00 (one hundred million).
  • The limits to be taken as the basis in determining the underwriting obligation according to the market value to be calculated based on the public offering price of the shares to be offered to the public, excluding additional sales, of the companies whose shares will be offered to the public for the first time, as determined in the fifth paragraph of Article 5 of  the Communiqué on Shares (VII-128.1), have increased from TRY150,000,000.00 (one hundred and fifty million) and TRY250,000,000.00 (two hundred and fifty million) toTRY400,000,000.00 (four hundred million) and TRY800,000,000.00 (eight hundred million).
  • The value to be taken as the basis in determining whether the shares to be made available for sale will be issued according to the market value to be calculated based on the public offering price of the shares to be offered to the public, excluding additional sales, of the companies whose shares will be offered to the public for the first time, which is regulated in Article 9 of the Communiqué on Shares (VII-128.1), has increased from TRY231,903,989.00 (two hundred and thirty one million nine hundred and three thousand nine hundred and eighty nine) to TRY500,000,000.00 (five hundred million).
  • The amounts that must be provided by the companies that will be offered to the public for the first time as of the annual financial statements of 2023 prepared in accordance with the Board regulations and audited by special independent auditors for the applications to be made in 2024, shall be as follows:
  • In financial statements dated 2022, the total assets shall be minimum TRY450,000,000.00 (four hundred and fifty million) and the net sales amount shall be minimum TRY270,000,000.00 (two hundred and seventy million), and 
  • For financial statements dated 2023, the minimum amounts of total assets and net sales revenue shall be TRY1,500,000,000.00 (one billion five hundred million) and TRY750,000,000.00 (seven hundred and fifty million) respectively.

For More Information

Related Insights