Tรผrkiye Varlฤฑk Fonu (TVF), portfรถyรผndeki en รถnemli varlฤฑklarฤฑndan Borsa ฤฐstanbulโun halka arzฤฑ iรงin planlarฤฑnฤฑ hฤฑzlandฤฑrdฤฑ. ฤฐngiliz mergermarket’com’da yer alan habere gรถre TVF, Borsa ฤฐstanbulโun %20โsini halka arz ederek 1 milyar dolarlฤฑk bir kaynak yaratmayฤฑ hedefliyor.
Fon, bu satฤฑล ile yurtdฤฑลฤฑndan รถzellikle Kรถrfez ฤฐลbirliฤi Konseyi (KฤฐK) รผlkelerinden yatฤฑrฤฑmcฤฑlarฤฑn ilgisini รงekmeyi amaรงlฤฑyor.
TVFโnin halka arz stratejisinde Borsa ฤฐstanbulโun %20โlik bir hissesinin satฤฑลa sunulmasฤฑ รถngรถrรผlรผyor. Bu satฤฑลฤฑn fonun stratejik planlarฤฑna gรถre 2025โe kadar gerรงekleลtirilmesi bekleniyor. Halka arz ile ilgili bilgi sahibi kaynaklara gรถre, piyasa koลullarฤฑna gรถre ลekillenecek sรผreรงte TVF, Borsa ฤฐstanbulโun %20โlik hissesini yaklaลฤฑk 5 milyar dolar deฤerlemeyle satmayฤฑ planlฤฑyor. TVFโnin, halka arzฤฑ yurt dฤฑลฤฑ kurumsal yatฤฑrฤฑmcฤฑlara tanฤฑtmak amacฤฑyla KฤฐK bรถlgesinde roadshowlar dรผzenleyerek arzฤฑn tanฤฑtฤฑmฤฑnฤฑ yaptฤฑฤฤฑ belirtiliyor.
TVF, ลu anda Borsa ฤฐstanbulโda %80,6 hisseye sahip. 2020โde Katar Yatฤฑrฤฑm Otoritesiโne (QIA) satฤฑlan %10 hisse, o dรถnemde Borsa ฤฐstanbulโa yaklaลฤฑk 2 milyar dolar deฤer biรงilmesini saฤlamฤฑลtฤฑ. Bu satฤฑล, TVF CEOโsu Zafer Sรถnmez tarafฤฑndan Borsa ฤฐstanbulโun halka arzฤฑ iรงin atฤฑlan ilk adฤฑm olarak nitelendirilmiลti.
Kรถrfez รlkeleri ve Yabancฤฑ Yatฤฑrฤฑmcฤฑ ฤฐlgi Gรถsteriyor
TVFโnin Borsa ฤฐstanbul halka arzฤฑ ile ilgili, baลta Katar ve Suudi Arabistan gibi Kรถrfez รผlkelerinden yatฤฑrฤฑmcฤฑlarฤฑn ilgisinin yoฤun olduฤu ifade ediliyor. Bรถlgedeki yatฤฑrฤฑmcฤฑlarฤฑn son yฤฑllarda Tรผrkiyeโye on milyarlarca dolarlฤฑk yatฤฑrฤฑm yapma kararฤฑ aldฤฑฤฤฑ gรถz รถnรผnde bulundurulduฤunda, Borsa ฤฐstanbul arzฤฑnฤฑn bรผyรผk ilgi gรถrebileceฤi tahmin ediliyor. ฤฐstanbul merkezli bir bankacฤฑ, bu sรผrecin Tรผrk hisse senedi piyasasฤฑna yabancฤฑ yatฤฑrฤฑmcฤฑlarฤฑ รงekmek iรงin รถnemli bir fฤฑrsat sunduฤunu dile getirdi.
Haberde gรถrรผลรผne baลvurulan bir baลka finans uzmanฤฑ, halka arzlarฤฑn daha etkili olabilmesi iรงin Tรผrkiyeโdeki Sermaye Piyasasฤฑ Kuruluโnun (SPK) yabancฤฑ ve kurumsal yatฤฑrฤฑmcฤฑlara daha fazla pay tahsis edilmesine olanak tanฤฑyan dรผzenlemeler yapmasฤฑ gerektiฤini belirtti. SPKโnฤฑn geรงmiลte bireysel yatฤฑrฤฑmcฤฑlarฤฑ korumak iรงin sabit fiyatlฤฑ arzlar gibi รถnlemler aldฤฑฤฤฑnฤฑ, ancak ลimdi bu รถnlemlerin yabancฤฑ yatฤฑrฤฑmcฤฑlar iรงin engel teลkil ettiฤini ifade etti.
TVFโnin Diฤer Satฤฑล Planlarฤฑ ve Sigorta Sektรถrรผndeki รฤฑkฤฑลlar
Haberde yer alan bir baลka bรถlรผme gรถre TVFโnin halka arz sรผrecine ek olarak, รถzellikle sigorta sektรถrรผndeki bazฤฑ varlฤฑklardan kฤฑsmi รงฤฑkฤฑล planlarฤฑ da gรผndemde. Tรผrkiye Sigorta ve Tรผrkiye Hayat Emeklilik gibi sigorta ลirketlerinde bรผyรผk paya sahip olan TVFโnin bu sektรถrdeki bazฤฑ hisselerini elden รงฤฑkarmayฤฑ dรผลรผndรผฤรผ belirtiliyor. Tรผrkiye Sigortaโnฤฑn piyasa deฤeri 3-4 milyar dolar arasฤฑnda tahmin ediliyor ve bu sektรถrdeki varlฤฑklarฤฑn halka arzฤฑ, fona ciddi bir finansal kaynak saฤlayabilir.
TVF, aynฤฑ zamanda Tรผrk Telekom gibi รถnemli kamu varlฤฑklarฤฑnฤฑn ikincil halka arzฤฑnฤฑ da (SPO) planlarฤฑ arasฤฑna dahil etmiล durumda. TVF, 2022 yฤฑlฤฑnda Tรผrk Telekomโun bรผyรผk bir kฤฑsmฤฑnฤฑ satฤฑn alarak hisselerinin %62โsini elinde tutuyor. Bu hamle, ลirkete gรผรงlรผ bir kamu desteฤi saฤlarken, fonun ilerleyen sรผreรงte belirli bir deฤere ulaลฤฑldฤฑฤฤฑnda azฤฑnlฤฑk hisselerini halka arz edebileceฤini gรถsteriyor.
Anadolu Jetโin Halka Arzฤฑ ve TVFโnin Uzun Vadeli Planlarฤฑ
TVFโnin halka arz yoluyla deฤerlendirmeyi dรผลรผndรผฤรผ diฤer bir varlฤฑk ise, Tรผrk Hava Yollarฤฑโna baฤlฤฑ olarak faaliyet gรถsteren Anadolu Jet. TVFโnin รถnรผmรผzdeki yฤฑllarda Anadolu Jetโin baฤฤฑmsฤฑz bir yapฤฑya kavuลarak halka arz edilmesi planฤฑnฤฑ deฤerlendirdiฤi ifade ediliyor.
TVFโnin varlฤฑk portfรถyรผnde Borsa ฤฐstanbul, Tรผrkiye Sigorta, Tรผrk Telekom gibi gรผรงlรผ kamu ลirketlerinin yanฤฑ sฤฑra farklฤฑ sektรถrlerde รงeลitli iลtirakleri bulunuyor.
mergermarket.com’da Atef Hassan ve Erdinc Ergenc imzasฤฑ ile yayฤฑnlanan haberin orijinal metni ลรถyle:
Turkey Wealth Fund gears up for divestments with USD 1bn IPO of Borsa Istanbul at the forefront – sources
*TWF looks to float 20% of Borsa Istanbul targeting GCC investors
*Fund eyes partial exits from insurance assets valued at USD 3bn-4bn
*TWF’s divestment strategy includes SPOs such as Turk Telekom
Turkey Wealth Fund (TWF) is gearing up for a significant divestment push, primarily through initial public offerings across its portfolio companies, notably Borsa Istanbul, according to two sources familiar with the situation.
TWF’s portfolio comprises a diverse range of assets, including stakes in 31 companies, two licenses, and real estate holdings across seven sectors.
The sovereign fund, which holds significant assets across various industries, has already started roadshows in the GCC to promote a planned USD 1bn IPO of Borsa Istanbul, they added.
The IPO, which could be launched within the next one or two years depending on market conditions, would see the fund offering a 20% stake in Borsa Istanbul for USD 1bn, with an expected valuation of around USD 5bn, said one of the sources.
The IPO would primarily target overseas institutional investors, with the fund organising roadshows to attract interest, particularly in the GCC, to ensure strong subscription and coverage for the offering.
A small portion will be allocated to retail investors, the same source said, adding that advisors are yet to be appointed for the IPO.
The fund owns 80.6% stake in Borsa Istanbul, according to its website.
In December 2020, the fund sold a 10% stake in Borsa Istanbul to the Qatar Investment Authority (QIA) for USD 200m which valued the company at USD 2bn. At the time, TWF’s CEO Zafer Sรถnmez described this sale as the first step toward an IPO of the Turkish stock exchange.
Borsa Istanbul’s IPO could be an important deal to finally bring foreign investors back into Turkish equity markets, an Istanbul-based banker said. The GCC region is the best target to begin such roadshows since Qatar, Saudi Arabia and Abu Dhabi based investors have romised to pour tens of billions of USD investments into Turkey in the last couple of years, he added.
To attract foreign investment and conduct such large IPOs, the Turkish Capital Markets Board (SPK) should first make changes to allow issuers to allocate more substantial portions of shares to foreign and institutional investors, a second banker said.
With the outflow of foreign investors, SPK had taken measures to protect retail investors, like fixed price offerings, but now those measures have turned into a hurdle to bring them back, he added. First, there is a need for de-regulation, the same source noted.
Other exits
Another company with plans for a potential IPO could be AJet, the discount carrier that was established after a carve-out of Anadolu Jet from Turkish Airlines, the second banker said.
In addition to these two listings, the fund is also evaluating partial exits from several other assets, particularly in the insurance sector, by seeking strategic investors to scale operations and enhance asset value, according to the first source.
One of these insurance assets holds a market-leading position and has a potential valuation of USD 3bn to USD 4bn.
Turkiye Sigorta and Turkiye Hayat Emeklilik are consolidated public insurance companies in which TWF owns an 81.1% stake and a 92.6% stake, respectively, according to its website. Some 18.90% of the shares in Turkiye Sigorta are floated on Borsa Istanbul.
SPOs
The fund’s divestment strategy also includes secondary public offerings (SPOs) of some of its listed assets. One potential candidate for an SPO is its telecom business Tรผrk Telekom, acquired in 2022. The fund holds approximately 62% of its shares, allowing it to retain majority control while selling a minority stake once a specific valuation milestone is reached, the first source said.
In 2022, the fund said it had a strong margin to proceed with a secondary IPO, aiming to share the value generated by Turk Telekom with public investors.
There have been rumours about TWF portfolio company divestments for a long time, but international institutional investors must be engaged with the market to facilitate larger IPOs and SPOs, which makes deals impossible in the short term, said a sector advisor.
TWF declined to comment, whilst Borsa Istanbul, Turkiye Sigorta, Turkiye Hayat Emeklilik, Turk Telekom and AJet did not respond to requests for comment.
