Egeyapı European Real Estate Investment Trust Goes Public Today
Egeyapı Avrupa Gayrimenkul Yatırım Ortaklığı A.Ş. has officially started its public offering process on Borsa İstanbul as of today. The public offering will continue for three days until January 8.
The company’s public offering is being conducted through a capital increase and a sale by shareholders. A total of 61,200,000 shares will be offered to investors, with 42,200,000 shares from the capital increase and 19,000,000 shares from the sale by shareholders.
The offered shares will be available to investors at a 21.15% discount. Based on calculations from the offering price, the company's total public offering size is estimated to be approximately 918 million TL.
Intended use of the funds raised from the public offering The revenue generated from the public offering will be utilized in various projects of the company. According to the company’s prospectus, the distribution of funds is planned as follows:
45%: Financing of the Modernyaka project 40%: Financing of the Kekliktepe project 10%: Financing of other projects 5%: Marketing and general management expenses
Allocation groups and distribution information The allocation groups offered to investors in the public offering are determined as follows:
60% (36,720,000 lots): Domestic individual investors 10% (6,120,000 lots): High-application investors 30% (18,300,000 lots): Domestic institutional investors
While an equal distribution method will be applied to the individual investor group, a proportional distribution method will be used for the high-application investor group. The number of lots allocated to individual investors is calculated based on participation intensity as follows:
300 thousand participants: 122 lots (~1,830 TL) 1.5 million participants: 25 lots (~375 TL) 3.1 million participants: 12 lots (~180 TL)
Financial performance and public float ratio Egeyapı Avrupa Gayrimenkul Yatırım Ortaklığı has experienced fluctuations in its financial performance since 2022. In the first nine months of 2024, the company's total revenue was 84.9 million TL, while the gross profit was reported at 34.4 million TL. After the public offering, the company's public float ratio will be 30.60%.
Lock-up commitment and price stability To assure investors after the public offering, the company has made the following commitments:
Lock-up commitment: 1 year for both the issuer and shareholders Price stability: To be implemented for 21 days using 20% of the public offering revenue
Other important information
Compliance with the Participation Index: The public offering is not eligible for the Participation Index Trading platform: Transactions can be conducted through the “Investments > Public Offering” tab T1-T2 usage: T1 and T2 balances cannot be utilized in this public offering.
The public offering of Gülermak Heavy Industry will also take place this week on Borsa İstanbul. The company will meet with investors between January 8-10. The offering price per share is set at 125 TL, and a total of 32,300,000 shares will be offered for sale. Additionally, the public offering size can be increased with an additional sales right of 6,460,000 shares.