Hitit IPO, led by ÜNLÜ & Co, successfully completed

Hitit Bilgisayar Hizmetleri A.Ş., one of the leading aviation technology companies on a global scale, successfully concluded its initial public offering (IPO) with ÜNLÜ Menkul Değerler A.Ş. as consortium leader, upon completion of the book-building process on February 23-24-25. The adverse effects of global political tensions on financial markets notwithstanding, demand amounted to TL 1,261 million, nearly 3 times the amount of the public offering.

Underscoring successful completion of this IPO, the first by ÜNLÜ & Co as consortium leader in local markets, ÜNLÜ & Co Chairman and CEO Mahmut L. Ünlü noted the following: “This accomplishment, against a backdrop of extraordinary circumstances, serves as a testament of the trust in Hitit as well as ÜNLÜ & Co’s astute management. Having successfully completed this IPO, our first as consortium leader, will serve for us as a point of reference and source of motivation for future IPOs. We would like to thank the 35 brokerage firms that we worked together with in this IPO, for their valuable contribution.”

With ÜNLÜ Menkul Değerler A.Ş. (ÜNLÜ & Co) as the consortium leader, the IPO of Hitit Bilgisayar Hizmetleri A.Ş. (Hitit), Turkey's largest technology exporter in aviation and travel technologies, was successfully executed. Hitit, the book-building process of which was held on February 23-24-25, generated total demand worth TL 1,261 million, whereafter 27.6 of Hitit’s shares became public.

Accordingly, with an initial price of TL 12,25 per share, 20 of Hitit’s shares were allocated to domestic individual investors; 20 to domestic high demand investors; 35 to domestic institutional investors; and 25 to international institutional investors.

Once trading of the shares on Borsa Istanbul commences, price stability transactions are planned to be carried out through ÜNLÜ Menkul Değerler A.Ş. for a 30-day period, while the Company and the partners have also committed not to undertake a paid-in capital increase; not to sell shares; and not to increase the amount of shares in circulation for 180 days.

ÜNLÜ & Co Chairman and CEO Mahmut L. Ünlü noted the following: “We are very pleased to have successfully managed this major public offering, despite the adverse repercussions of political tensions on financial markets. This accomplishment, against a backdrop of extraordinary circumstances, serves as a testament of the trust in Hitit as well as ÜNLÜ & Co’s astute management. Having successfully completed this IPO, our first as consortium leader in local markets, will serve for us as a point of reference and source of motivation for future IPOs. We would like to thank the 35 brokerage firms that we worked together with in this IPO, for their valuable contribution.”

Kaynak: (BHA) - Beyaz Haber Ajansı