IPO momentum builds up again as companies eye market

ISTANBUL

The Capital Markets Board (SPK) has approved its first initial public offering (IPO) in six months, turning attention to the more than 100 companies currently awaiting approval.

Despite the Board’s cautious stance, corporate interest in going public remains strong. Only 12 companies have been approved for IPOs in the first eight months of the year. Experts suggest that if the market navigates September smoothly, investor appetite for IPOs may rebound, although SPK is expected to maintain its prudent approach.

The latest approval was granted to Dof Robotics Sanayi, a company specializing in motion simulators and interactive VR games. This marks the first IPO approval since February, when the last offering was greenlit. The year began with EgeYapı GYO collecting demand in January, followed by Gülermak, Akfen İnşaat, Mopaş Marketçilik, Seranit Granit Seramik, Birleşim Grup Enerji, Destek Finans Faktoring, Vişne Madencilik, Enda Enerji, Kalyon Güneş Teknolojileri, Balsu Gıda and Bulls Girişim Sermayesi Yatırım Ortaklığı.

While only 12 companies have gone public so far in 2025, the number of firms waiting for approval is nearly eight times higher. According to disclosures made to the Public Disclosure Platform (KAP), over 100 companies have submitted draft prospectuses to SPK and are awaiting approval.

In recent years, amid high inflation, investors have sought real returns, making the stock market and IPOs attractive alternatives. A record 54 companies went public in 2023, generating a total of 79.3 billion Turkish Liras in proceeds. However, as IPOs failed to meet return expectations, the number dropped to 34 in 2024. Some offerings even fell below their initial listing prices, and difficulty in attracting demand led several companies to postpone their IPO plans.

Companies remain eager to go public, driven largely by the need to ease debt burdens and fund new investments.

A1 Capital Deputy General Manager Üzeyir Doğan emphasized that the desire to list remains strong. “We hear of companies preparing for IPOs even if they haven’t yet applied,” he said. “There won’t be a rapid approval wave like after the pandemic; SPK will act more cautiously,”

Doğan added that the performance of Dof Robotics could pave the way for future IPOs.

“The pace of upcoming approvals will depend on this IPO’s success and the overall market trajectory,” he noted.

“If the market handles legal proceedings smoothly and interest rate cut expectations materialize, we could see new IPOs approved — not in a frenzy, but steadily, Doğan said.