Turkish Property Investor IPO Set to Raise Up to $141 Million
- Ronesans Gayrimenkul gets approval to sell shares in IPO
- Singapore’s GIC will also sell shares as part of offering
Turkish commercial real estate developer Ronesans Gayrimenkul will sell shares in an initial public offering, the biggest in Istanbul so far this year.
Ronesans Gayrimenkul Yatirim AS, as the company is known, will issue about 27.3 million new shares while shareholder Euro Cube Private Limited, a unit of Singapore’s sovereign wealth fund GIC, will sell a further 6.07 million shares at a price of 135 liras each, according to a regulatory approval published late Thursday. At that price, the IPO is set to raise about 4.5 billion liras ($141 million).