Barclays Seeks More Deals in Turkey

April 30
9:21 AM 2013

Barclays Plc, the third highest adviser for US stock offerings in 2013, is looking for more deals in Turkey after it had helped airline Pegasus Hava Tasimaciliigi AS during its IPO last year. 

According to Ralf Nachtigall, through a phone interview, "We are actively pursuing a number of opportunities in Turkey at present." Nachtigall is co-head for equity capital markets in Europe, Middle East and Africa for Barclays.

Barclays helped facilitate the sale of 70% of 35.3 million shares to international investors for the IPO. The company based out of Istanbul has sold 34.5% shareholdings for 649.4 million liras or US$361.5 million while its total valuation is at 1.88 billion liras.

Pegasus was the fourth largest IPO in Turkey since 2011. It hired Barclays and the biggest broker in Turkey, Is Yatirim Menkul Degerler AS to help in the management of the IPO. Is Yatirim was hired to sell 30% of the shares to Turkish investors despite being overscribed 2.2 times locally and 1.8 time internationally.

Another major client of Is Yatirim would be Turkish Aerospace Industries, as it is planning to sell 20% of its company shares through an IPO. The transaction is valued at US$3 billion.

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