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Türkiye's stock exchange, Borsa Istanbul, recorded its busiest month for initial public offerings (IPOs) by number of listings, with 12 companies raising a combined ₺38.4 billion ($721.3 million) in July, the highest monthly total since February 2018.
The July wave lifted the number of IPOs completed this year to 29, with the total value of shares offered reaching ₺63 billion ($1.3 billion), already surpassing the ₺45.2 billion ($981.3 million) recorded across 19 IPOs during all of 2025, data from the Capital Markets Board (CMB) showed.
Energy companies accounted for four of the 12 IPOs and nearly 40% of the total funds raised in July, making the sector the biggest driver of the month's listing boom. The remaining offerings came from tourism, steel, healthcare, construction materials, consumer retail, ceramics and food production.
Among the month's largest IPOs, renewable energy developer Sa-Ra Enerji raised ₺6.2 billion ($132.4 million), making it July's biggest offering. Tourism operator Ekim Turizm followed with ₺4.9 billion ($104.6 million), while steel producer Kardemir Celik secured ₺4.5 billion.
Energy producer Masfen Enerji raised ₺3.9 billion ($81.9 million), followed by luxury watch retailer Saat ve Saat with ₺3.8 billion ($79.7 million) and pharmaceutical manufacturer Orzaks Ilac with ₺3.6 billion ($77.3 million).
Engineering and energy contractor Metgun Enerji generated ₺2.7 billion ($57.2 million), while ready-mix concrete producer Albayrak Hazir Beton and renewable energy company Beta Enerji ve Teknoloji raised ₺2.7 billion ($57 million) and ₺2.4 billion ($52.1 million), respectively.
Apparel retailer Soho Giyim ve Enerji secured ₺1.5 billion ($32 million), ceramics producer Isvea Seramik raised ₺1.4 billion ($29.9 million) and food manufacturer Golda Gida collected ₺805 million ($17.2 million).
July 2026 marked the strongest month for IPO fundraising since February 2018, when four companies raised a combined ₺2.9 billion ($767.9 million). That wave was led by electricity distributor Enerjisa Enerji, which secured ₺1.5 billion ($387.1 million), and hospital operator MLP Saglik, which raised ₺1.38 billion ($363.9 million).
By the number of listings, July set a new monthly record, surpassing the previous high of eight IPOs completed in February 2025.
The flurry of IPOs contrasted with a difficult month for Turkish equities, as the benchmark BIST 100 dropped 6.2% in July. Banking shares led the losses, with the banking index tumbling 16.5% amid uncertainty surrounding the Iran conflict, sticky inflation and fading expectations for near-term interest rate cuts.
As of July 31, Borsa Istanbul's total market capitalization stood at ₺20 trillion ($420.5 billion), with 618 listed companies.
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