Retailer Mavi to list on Borsa Istanbul
Turkish clothing retailer Mavi Giyim plans to list on Istanbul’s stock exchange, the company said on May 15. The offering will see 50 percent of the company sold by the founding Akarlilar family and Turkven, a private equity fund which invested in Mavi in 2008. They may also sell up to an additional 15 percent, Mavi said. Chief Executive Cuneyt Yavuz said, “Our company has come out to be very resilient, in terms of the ups and downs of the Turkish market.” Mavi achieved a consolidated revenue of 1.31 billion lira and an earnings before interest, taxes, depreciation and amortization of 170.2 million lira in the 2016 financial year. Yavuz declined to disclose the target valuation.