July 2 (SeeNews) - Turkey's D-MARKET Electronic Services & Trading, the holding company behind e-commerce platform Hepsiburada, saw its shares close 11.92% higher at $13.43 on their first day of trading on Nasdaq, valuing the company at $3.8 billion (3.21 billion euro).
Shares in the Istanbul-based firm opened at $12.75 and reached an intra-day high of $14 in New York on Thursday.
You can subscribe to our M&A newsletter here
The online shopping platform earlier that day said its initial public offering (IPO) has been priced at $12 per share, at the midpoint of the targeted price range, raising gross proceeds of $680.9 million.
More than 56.7 million American Depositary Shares (ADSs) were placed in the transaction. The Istanbul-based firm offered roughly 41.7 million units, while an insider offered just above 15 million units.
The selling shareholder is TurkCommerce BV, which is owned by a foreign entity controlled by US asset manager Franklin Templeton.
Each ADS represents one Class B ordinary share. D-MARKET started marketing its units in June at a price range of between $11 and $13 apiece.
Established in 2000, Hepsiburada holds about 2% share of the highly fragmented Turkish retail market which remains dominated by offline retail players, according to research and analysis firm ADL. In 2020, it connected 33 million members, nine million active customers and a base of around 45,000 merchants.
D-MARKET is controlled by Turkey’s Dogan family, the owners of one of the country's largest conglomerates, Dogan Holdings. The e-commerce platform was founded by Hanzade Vasfiye Dogan Boyner, who is listed in the prospectus as a holder of 74.6% of the total voting power of the company. Following completion of the IPO, the founder will hold 71.1% of the voting power.
($=0.844497euro)