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2 Minutes Read ISTANBUL, 1 JULY (Reuters) – Turkey’s president, Recep Tayyip Erdogan, has On Thursday, Hepsiburada, a leading participant in Turkey’s fast-growing e-commerce sector, will list on the Nasdaq stock exchange, raising capital for expansion at home and in neighboring countries. Hanzade Dogan Boyner, the business’s founder and chairwoman, said the company priced its shares at $12, the midpoint of its $11-$13 range, with a projected valuation of roughly $3.9 billion. “In the next five to ten years, I anticipate the company will make significant progress. That’s why neither my sisters nor I are selling any shares in the IPO “Prior to the first transaction, Dogan gave a press conference. According to Dogan, the firm will raise a net $470 million, all of which will be used to develop in the fast-growing Turkish e-commerce market. “We’ll put the money back into our logistics and last-mile delivery services, aiming for the most user-friendly system possible to give our consumers peace of mind,” she explained. The overall IPO size was roughly $740 million, including a share sale by existing shareholder Franklin Templeton. Hepsiburada is also looking to expand outside of Turkey, while the company’s primary focus will be on the Turkish market. “We’re looking at the Middle East, North Africa, the Balkans, and some Eastern European countries,” Dogan said, citing the proximity of our local market and our own skills. Hepsiburada has its own logistics network, a grocery last-mile delivery service, an online payment system, a travel booking service, and an incoming international courier service in addition to an online marketplace. Last year, its gross merchandise value, a measure of trade on its market, increased by 89 percent to 17 billion lira ($1.96 billion). The ticker for Hepsiburada shares will begin trading on the Nasdaq stock exchange today. After the IPO, Dogan and the Dogan family would own 65.4 percent of the company, while Franklin Templeton’s holding will be cut to 14.6 percent. 8.6926 liras = $1 Can Sezer contributed reporting, and Daren Butler and Jan Harvey edited the piece./nRead More

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