The Public Offering (IPO) of the Turkish energy company Enerjisa is successful. Today the company announced that the offer price will be 6.25 Turkish Lira (TL) per lot of 100 shares. Strong international and local investor demand lead to an oversubscription of the offering of 4.8 times.
The IPO consists of a secondary offering of 21,259 million shares, representing 20% of the company with each of the shareholders, E.ON and Sabanci Holding, selling each equal number of shares. This values the company at approximately 1.58 bn€ (7.38 bnTL)
Trading of the stock is expected to commence on the Borsa İstanbul on 8 February 2018 under the symbol “ENJSA”.
“Oversubscrition and high demand demonstrate the high level level of confidence in Turkey and Enerjisa “
Sabanci Holding CEO Mehmet Göçmen commented on the IPO process, pointed out that the record level of demand is a clear indication of international investors’ trust in Turkey and in Enerjisa. Göçmen, stating that they have the justified pride of holding the largest IPO of Sabancı, added; “We think that at the point we have reached today, as well as from our perspective, the high demand received for Enerjisa Enerji, especially from foreign investors, increasing the depth of capital markets and represents a vote of confidence on Turkish economy.”
Johannes Teyssen, CEO of E.ON, said: “I am very pleased that the IPO of Enerjisa’s customer and network business is such a great success. It demonstrates the justified confidence of investors in Turkey and Europe in Enerjisa’s performance. Our nine million customers in Turkey will benefit from the strengthening of our business.”
“Enerjisa will continue its profitable and strong growth.”
Considering the high demand, Enerjisa CEO Kıvanç Zaimler said “We are very proud that our company has received high demand from the leading and reputable investors concerning both domestic and international corporate demands. This achievement is a significant step for Enerjisa, we carry a higher burden based on the level of confidence our investors shown to us, as well as for the sector in terms of the corporate development and transparency of the energy markets. We target a continued value cratetion to all of our shareholders, thank for the trust on Enerjisa and on our future. Zaimler underlined the fact that Enerjisa continued it accelerated value creation in the recent years and is very motivated by the level of trust demonstrated by high demand in the IPO. He said “As the leader and the largest player of our industry, we will continue to enhance our successful performance to date with our management team and 10.000 employees and strive to provide profitable and strong growth so that investors who invest in Enerjisa get the worth of their investments.”