Staff of Reuters 2 minutes Reuters (Reuters) – The Turkish e-commerce platform Hepsiburada announced on Thursday that its initial public offering (IPO) in the United States raised more than $680 million and that it was aiming for a valuation of more than $3 billion. The company set a $12 per share pricing for its 56.7 million American Depositary Shares (ADS). It had earlier set a $11 to $13 target range. As part of the offering, existing investors sold a little more than 15 million shares. Hepsiburada, which was founded in 2000, allows customers to order groceries and other necessities, as well as purchase airline tickets, via its platform. The marketplace was created in 2015, and the company has its own logistical network. According to a regulatory filing from 2020, it has a 9-million-strong active customer base. According to the filing, Hepsiburada’s income and gross merchandise value, which refers to the total worth of things sold, more than doubled in 2020 as compared to the previous year. On Thursday, the company’s shares will begin trading on the Nasdaq under the ticker symbol “HEPS.” The offering’s bookrunning managers are Morgan Stanley & Co, J.P. Morgan Securities, Goldman Sachs & Co, BofA Securities, and UBS Securities. In Bengaluru, Noor Zainab Hussain and Sohini Podder reported; Shinjini Ganguli edited./n
Read More
