Staff of Reuters 2 minutes Reuters (Reuters) – Hepsiburada’s shares climbed more than 6% in its first day on the New York Stock Exchange on Thursday, giving the Turkish e-commerce platform a market capitalization of $3.65 billion in one of the busiest weeks for the US stock market this year. Hepsiburada’s American Depositary Shares (ADS) launched for $12.75, up from $12 per ADS in its initial public offering (IPO). Each ADS represents one ordinary Class B share. Earlier in the day, the corporation sold 56.7 million ADSs for more than $680 million, with current shareholders putting up little over 15 million of the shares on offer. Hepsiburada, which was founded in 2000, allows customers to order anything from food and basics to airline tickets through its online platform. The marketplace was created in 2015, and the company has its own logistical network. According to a regulatory filing, it has 9 million active customers in 2020. According to the filing, Hepsiburada’s sales and gross merchandise value, which refers to the total value of things sold, more than doubled in 2020 compared to the previous year. The company will debut on the New York Stock Exchange in one of the busiest weeks for market debuts in 2021. Didi Global Inc, a Chinese ride-hailing giant, made its debut on Wednesday, marking the largest Chinese firm to list in the United States since 2014. Hepsiburada’s offering was underwritten by Morgan Stanley, J.P. Morgan, Goldman Sachs & Co, BofA Securities, and UBS Securities. Sohini Podder contributed reporting from Bengaluru, and Devika Syamnath edited the piece./n
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