The initial public offering of Kaleseramik received a record number of applications

Kale Seramik

Kaleseramik’s initial public offering received over 2 million applications from both institutional and individual investors.

Following the demand collection process, Kaleseramik will begin trading on Borsa İstanbul with the ticker symbol #KLSER after the gong ceremony scheduled for the morning of July 27th.

The results of Kaleseramik, a subsidiary of Kale Group, initial public offering were published on the Public Disclosure Platform (KAP). As a result of the demand collection process conducted on July 20-21, 2023, the public offering of 109,390,465 TL nominal value shares took place.

The entire public offering was carried out through a capital increase method, and the total offering size was 2.735 billion TL with 109,390,465 TL nominal value shares offered for sale at a price of 25 TL per share.

The IPO, led by Ak Yatırım and Yapı Kredi Yatırım, received a total of 2,002,245 applications, resulting in 365,921,942 shares being allocated, equivalent to a demand of 9.148 billion TL.

The demand for shares in the IPO was 2.6 times the shares allocated to domestic retail investors, 1.7 times for Kale Group employees, and 6.3 times for domestic institutional investors.

The total demand exceeded the offering size by 3.3 times.

In terms of allocation, shares equivalent to 1,093,905 TL nominal value were allocated to Kale Group employees (representing 1% of the shares offered), shares worth 86,418,467 TL nominal value were allocated to domestic retail investors (representing 79%), and shares worth 21,878,093 TL nominal value were allocated to domestic institutional investors (representing 20%).

After the gong ceremony scheduled for July 27, 2023, Kaleseramik will start trading on Borsa İstanbul with the ticker symbol #KLSER, and the company’s free float rate will be 21.25%.

Regarding the allocation of the IPO proceeds, Kaleseramik plans to allocate 80% of the funds to domestic and international investments. Specifically, after deducting expenses related to the capital increase, 50% of the net amount will go to the Slab – Sinterflex investment, 15% to sustainability investments, 6% to international investments, 5% to bathroom investments, and 4% to frit investments. The remaining 20% of the proceeds will be used for loan repayment.

Leave a Reply

Your email address will not be published. Required fields are marked *