Indebted Turkish Group Looks to Cash In With Plan for Unit’s IPO
Bloomberg 2/23/2021 Ercan Ersoy
(Bloomberg) Aydem Holding AS, which underwent Turkey’s second-largest debt restructuring, applied for an initial public offering of its renewable-electricity producer.
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Garanti Yatirim, Is Yatirim, Turkiye Kalkinma ve Yatirim Bankasi AS and Yapi Kredi Yatirim will lead the offering of shares in Aydem Yenilenebilir Enerji AS, according to an emailed statement on Tuesday. Halk Yatirim, Vakif Yatirim and Ziraat Yatirim will act as co-leaders. There is no certainty that the IPO will take place, the company said.
Aydem Holding joins a flurry of small and medium-sized Turkish companies rushing to list on Borsa Istanbul and cash in on a flood of local retail investors. The re-branded company formerly known as Bereket Enerji restructured $5 billion of loans in 2019.
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