UPDATE - Armada Food's IPO Results Announced
Armada Gıda, a leading company in the food sector with a rich history and experience of over 30 years, recognized as one of Turkey's largest industrial and export companies, has announced the results of its initial public offering (IPO). The IPO, led by Global Menkul Değerler (IS:GLBMD) through a consortium of a total of 41 brokerage firms, took place on December 25-26-27, 2024, at a fixed price of 40.00 TL per share, with the total offering size amounting to approximately 2.2 billion TL, including an additional sale.
In the IPO of Armada Gıda, there was a demand of 1.18 times the shares allocated to domestic individual investors and 1.42 times for domestic institutional investors, including additional sales. The total demand reached 2.7 billion TL, which corresponds to 1.27 times the size of the IPO. A total of 436,160 investors received the allocation, including 436,025 domestic individual investors, 76 domestic institutional investors, and 59 company employees. According to the results, Armada Gıda's public float ratio is 20.83%.
Fethi Kalıpçı Sönmez, Chairman of the Board of Armada Gıda, expressed pride and great happiness regarding the intense interest from investors, stating, “We have successfully completed an important milestone that will accelerate Armada Gıda's journey as a global brand. Backed by the strength of our new partners, we will continue our investments without slowing down. We thank each of our investors who believe in and share the future of Armada Gıda.”
Sönmez mentioned that they are continuing their investment, which has a total size of approximately 60 million dollars, stating, "We will utilize the revenue generated from the IPO to strengthen our ongoing investments and working capital. We aim to complete our third factory by the end of 2025, which will enhance our production and market share in international markets. Within the framework of vertical growth, we will produce a wide portfolio ranging from pasta to legume flour, and vegan to boiled products. Additionally, as a significant step in our global expansion, we aim to establish an agricultural product processing facility in Kazakhstan. At the same time, we have solar energy investments to meet our energy needs from clean energy sources. We plan to commission a total 28.8 MW solar energy project in Şanlıurfa Viranşehir and Hatay Antakya."
Armada Gıda shares are scheduled to begin trading on the Borsa Istanbul in the Yıldız Market with the first gong to be struck on January 3, 2025.