Gülermak IPO Demand Collection Dates Announced
Gülermak Heavy Industry Construction and Contracting Inc. will collect requests at a fixed price on January 8-9-10, 2025, for its IPO. The selling price per share has been set at 125 TL, with the IPO being carried out under the leadership of QNB Invest's consortium.
As a result of the increase in Gülermak's issued capital from 300 million TL to 322 million 600 thousand TL, shares valued at 22 million 600 thousand TL will be offered through a capital increase, while shares valued at 9 million 700 thousand TL will be sold by the shareholders. A total nominal value of 32 million 300 thousand TL shares will be offered for sale, with an expected size of the IPO reaching 4,037,500,000 TL. If additional sales occur, it is anticipated that 6 million 460 thousand TL nominal value shares will be sold by shareholders, bringing the total nominal value of shares offered in the IPO, including the additional sale, to 38 million 760 thousand TL.
With the additional sales, the size of the IPO is targeted to reach approximately 4 billion 845 million TL. After the IPO, the public float rate, including additional sales, is expected to be 12.01%.
Gülermak has committed that, for one year from the date the company shares start trading on Borsa Istanbul, shares not subject to the IPO, including those resulting from capital increases with and without premium, will not be sold or offered in a way that would lead to an increase in the amount of shares in circulation, and that no such decision will be made. They also pledged not to apply to Borsa Istanbul or any relevant regulatory authority regarding any securities abroad and will not announce any future sales or IPO plans during this period.
Additionally, the IPO shareholders, Gülermak Real Estate Construction Investment Inc. and Gülermak Real Estate Tourism Operating Investment Inc., commit that for one year from the date of trading on Borsa Istanbul, they will not sell or offer their shares not subject to the IPO in a manner that increases the number of shares in circulation, independently of the IPO price. They will not sell these shares both on or off the exchange, will not transfer them to other investor accounts, and will not engage them in special orders or bulk sales on Borsa Istanbul.
It is planned that 45-50% of the funds from the IPO will be used for the purchase of machinery and equipment, 30-35% for working capital of the PPP project, and 20-25% for reducing financing costs.