Borsa Istanbul AS chairman Himmet Karadag said the Turkish stock exchange plans to launch an IPO when it releases its second-quarter results, Reuters reported Feb. 20.
Karadag said in January that it was targeting an IPO in the second quarter, depending on political decisions and the economic environment.
Meanwhile, Karadag said Turkish President Tayyip Erdogan has ordered that 25% of Borsa Istanbul be sold off in the IPO, the news agency reported the same day. Karadag added that the volume of public offerings on the exchange for 2018 must total at least 10 billion Turkish lira.
As of Feb. 19, US$1 was equivalent to 3.75 Turkish lira.