Newsletters
A total of 18 companies completed initial public offerings (IPOs) on Türkiye's stock exchange, Borsa Istanbul, during 2025, down from 33 listings in 2024, with a combined market capitalization of ₺45.15 billion ($981 million), according to data from the Capital Markets Board (SPK).
The IPO proceeds in 2025 represent a 44.7% decrease in U.S. dollar terms compared to 2024, falling from ₺57.31 billion ($1.77 billion) to ₺45.15 billion ($981 million) amid tighter financial conditions and market uncertainty.
With the new additions, the number of companies listed on Borsa Istanbul reached 591 by the end of 2025, up from 572 at the close of 2024, while 2026 is expected to bring further growth in listings.
February emerged as the most active month, hosting eight IPOs, while no listings occurred between March and August. Other offerings were distributed across January (5), September (1), November (3), and December (1).
Among the 2025 listings, the largest was Pasifik Holding, a diversified conglomerate with interests in construction and real estate, which debuted with a market capitalization of ₺6 billion. It was followed by Balsu Gida, a major exporter and processor of hazelnuts, at ₺4.88 billion, and Gulermak, an engineering and infrastructure company known for large-scale rail and tunnel projects, at ₺4.85 billion, Matriks Haber reported.
Historically, IPO activity peaked in 2023 with 56 listings, while the lowest level was recorded in 2001, when only one company went public, SPK data showed.
The activity in 2026 is anticipated to accelerate, with an estimated 30 IPOs expected, supported by a backlog of applications, the Turkish central bank’s easing cycle, and strong secondary market performance. According to a report released by the Turkish financial advisory firm Akalin Finans, nearly half of the 150 pending IPO applications originate from the industrial sector, signaling a potential comeback after a subdued 2025.
However, stricter regulatory thresholds introduced in 2025 have skewed approvals toward asset-heavy sectors, limiting access for asset-light industries such as services, technology, and finance.
In his earlier remarks in December, Capital Markets Board Chairman Omer Gonul also expressed expectations for increased IPO activity in 2026, stating that their priorities include strengthening the legal and technological infrastructure of the markets, enhancing security, protecting investors, and improving financial literacy.
Set as preferred source
1 min read
1 min read
