Listing thresholds and IPO conditions are Increased

Capital Markets Board (“CMB”) has increased the financial conditions for initial public offerings, based on the re-evaluation ratio, with its Decision dated 30 December 2025 and numbered 68/2461, announced in the CMB Bulletin dated 31 December 2025. Some of the significant changes are highlighted below:

• The amount of the paid-in share capital of the companies that will adopt registered capital system is increased from TL 150,000,000 to TL 200,000,000.
• The thresholds for underwriting obligation of intermediary institutions have been increased. Accordingly; if the market value of the offered shares, excluding additional sales, calculated based on the public offering price, is (a) below TL 750 million, then the intermediary institutions shall undertake to purchase all of the unsold shares or (b) is between TL 750 million and TL 1.5 billion, then the intermediary institutions shall undertake to purchase the entire amount up to TL 750 million and half of the excess amount of the unsold shares, at the public offering price.
• If the market value of the shares to be offered to public, excluding additional sales, is below TL 950 million, the shares corresponding to 25% of the nominal value of the shares to be offered to public shall be kept ready for sale by restricting the shareholders’ pre-emption rights.
• For initial public offerings; the amount of total assets and net sales revenues under the audited financial statements of the companies prepared as per the CMB principles, shall be as follows:

The below thresholds shall apply for companies active in renewable energy, petrochemical, defence industry, agriculture and companies that produce solutions based on advanced technology:

With the above amendments made pursuant to revaluation, the financial conditions for IPO’s are rendered more stringent.