Turkey's Enerjisa's will hold book building on Feb. 1 and 2 for its initial public offering (IPO) for its electricity distribution and retail companies, Enerjisa officials announced Monday at a news briefing.
Enerjisa, in which Sabanci Holding and German E.ON each have a 50 percent share, will also begin trading its shares on the Istanbul Stock Exchange on Feb. 8.
The company's IPO will be for 20 percent of shares that Sabanci and E.ON will divide equally. Eighty-five percent of the company's shares will be sold to foreign investors while the remaining 15 percent will be sold to domestic investors.
The IPO's transaction is calculated to be around 1.3 billion Turkish lira.
- Enerjisa is biggest IPO among Sabanci companies
Sabanci Holding's CEO Mehmet Gocmen said that of the conglomerate's 11 companies trading on the Istanbul Exchange, Enerjisa's IPO will be the biggest.
"Enerjisa's IPO shows the trust of Sabanci and of E.ON in Turkey's energy sector. I hope that we will announce the IPO of our Enerjisa Generation Company (Enerji Uretim AS) in a few months," he said.
Enerjisa Generation Company has electricity production companies under its umbrella.
-1.5 billion investment every year
Enerjisa CEO Kivanc Zaimler said the company provides electricity to around 20 million people and invests 1.5 billion liras every year in the sector.
He acknowledged that the majority of the shares would be sold to foreign investors, which he said would see a greater presence in this sector in the future.
Enerjisa distributes electricity in three regions of Turkey with nine million customers.
By Nuran Erkul Kaya
Anadolu Agency
energy@aa.com.tr