Mavi Jeans IPO pricing bottoms out
The initial public offering (IPO) of Turkish jeans fashion retailer Mavi Giyim was priced at 43 lira (€11) per share, an amount at the bottom end of the range which put the company’s value at around 2.14 billion lira ($606 million). The obtained price was announced on June 12 in a statement by Turkey’s Is Yatirim, the domestic coordinator and bookrunner for the offering in a brand favoured by Lady Gaga and Chelsea Clinton, among other A-list celebrity luminaries. In the IPO, Mavi Giyim sold a total of around 27.3 million shares, or roughly a 55% stake in the enterprise, raising around 1.17 billion lira. The Akarlilar family, the founding family behind Mavi Giyim, and Turkven Private Equity Fund II, held bookbuilding over June 8-9 to offer a stake of up to 55 percent in an Istanbul stock exchange IPO with a price range of between 43 lira to 51.6 lira per share.