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    Turk Telekom IPO priced near top of the range to raise $1.9 billion

    Hurriyet English with wires
    12.05.2008 - 11:40 | Son Güncelleme:

    Turkey raised 2.42 billion new Turkish liras (YTL) ($1.9 billion) in the initial public offering of a 15 percent stake in fixed-line phone company Turk Telekom, that has been priced near the top of an initial range at 4.6 YTL, making it the country's biggest IPO, Privatization Administration (OIB) Chairman Metin Kilci said in a news conference in Ankara. This values the company at 16.1 billion YTL ($12.8 billion). (UPDATED)

    The Turk Telekom offering was priced at a hefty discount to other stocks and an over-allotment option was not used. It follows a 24 percent fall on the main Istanbul index this year, which has prompted some companies to postpone IPOs.  

    Demand from Turkey-based investors was 4.7 times the amount on offer and 4.3 times from international investors, and the tranche allocated to locals was raised from an initially planned 35 percent to 40 percent, Kilci said. The rest was for international investors.

    At 4.6 YTL a share, Turk Telekom will trade at 6.4 times last year's earnings, well below the average for shares in Turkey. Turk Telekom shares will start trading on the Istanbul Stock Exchange on May 15.
    An initial price range for the 15 percent listing had been set at 3.9-4.7 YTL a share. An over-allotment option would have increased the size of the listing to 17.25 percent. The offering is the second phase of Turk Telekom's privatization.

    The former fixed-line monopoly, whose business now includes Turkey's third largest mobile phone operator Avea, was first privatized in 2005 when Dubai-based Oger Telecom bought a 55 percent stake for $6.55 billion.

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