After a Two-Month Pause, the Capital Markets Board Approves Two IPOs

The Capital Markets Board (CMB) announced in its latest weekly bulletin that it has approved the public offering applications of two companies on Borsa Istanbul. According to the announcement, Çağdaş Cam Sanayi ve Ticaret A.Ş. and Sümer Varlık Yönetim A.Ş. have received approval from the CMB for their public offerings.

Çağdaş Cam Sanayi ve Ticaret A.Ş. Çağdaş Cam plans to increase its current capital from 137,000,000 TL to 168,000,000 TL through the public offering. The additional shares with a nominal value of 31,000,000 TL will also include (B) group shares worth 11,000,000 TL owned by existing partner Ömer Seyfetdin PİRİNÇ. A total of 42,000,000 TL nominal value shares will be offered at a fixed price of 20 TL, resulting in an expected public offering size of 840 million TL. The post-offering public float rate is anticipated to be 25%.

In a statement made by Çağdaş Cam, the following information about the company was provided: “Having a history of nearly half a century, Çağdaş Cam is part of the global supply chain, processing glass in its facilities located in Manisa OSB, Aydın Kuyucak, and Nazilli OSB, and connecting its products with national and international customers across four continents. Ranked among the companies with the largest glass processing capacities in Europe, Çağdaş Cam operates energy glass processing activities in its factory located on approximately 41,000 m2 in Manisa OSB, handles household and commercial white goods glass and energy glass processing in its facility spanning approximately 20,000 m2 in Aydın Kuyucak, and conducts commercial glass trading in its approximately 10,000 m2 facility in Nazilli OSB. The company has increased its production quantities each year, processing approximately 2 million m2 of glass in 2021, around 3.3 million m2 in 2022, and approximately 4.3 million m2 in 2023. In addition, it sells approximately 30,000 tons or more of glass annually. Continuing its investments in Manisa OSB, Çağdaş Cam plans to start construction in December 2024 on approximately 30,000 m2 of land suitable for factory establishment. As the owner of Turkey's first design center in the glass sector, Çağdaş Cam aims to add value to the white goods industry by developing new products. Producing energy glass at world standards, Çağdaş Cam possesses the capability to process very thin solar glass, as thin as 2 mm, and aims to reduce imports, support the decrease of the current account deficit, and provide foreign currency input to the national economy through exports. Without pausing its digital and green transformation efforts, the company meets part of its electricity needs from its own generated renewable energy via a solar power plant of about 3.7 MW installed on the roofs of its facilities in Manisa OSB and Nazilli OSB. Çağdaş Cam aims to utilize the resources obtained from the public offering for new investments and to strengthen its working capital.”

Sümer Varlık Yönetim A.Ş. Sümer Varlık Yönetim plans to increase its current capital from 100 million TL to 118 million TL through the public offering. The public offering will also include shares worth 10,000,000 TL held by ASV Holding A.Ş., an existing partner, with an 18 million TL nominal capital increase. The shares will be offered at a fixed price of 22 TL in the public offering. Consequently, the expected public offering size of the company is approximately 616 million TL, while the public float rate will be 21.43%.