Turkish IPO Market Reaches 24.6 Billion TRY in the First Half of the Year
According to an analysis by Matriks Haber, a total of 16 companies began trading on Borsa Istanbul in the first half of 2026, raising 24.6 billion Turkish lira (approximately 0.5 billion U.S. dollars).
The rapid pace of IPOs reflects continued investor interest. As of June 30, 14 of the 16 newly listed companies were trading above their offering price. In addition, seven more IPOs have already been approved by the Turkish Capital Markets Board (SPK) and are expected to launch on the stock exchange in July.
According to Matriks Haber, software developer Netcad Yazilim posted the highest price gain, rising by approximately 185.8% compared to its offering price. It was followed by Savur Gayrimenkul Yatirim Ortakligi, with a price increase of about 173.5%, and Z Gayrimenkul Yatirim Ortakligi, with a gain of about 149.2%.
Among the companies that went public in the second quarter, Ekinciler Demir ve Celik Sanayi was trading about 42.4% above its offering price, while Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi recorded a price decline of about 23.2%.
Most IPOs in the First Quarter
Of the total 16 IPOs, 14 took place in the first quarter, while only two companies went public in the second quarter.
Agaoglu Avrasya Gayrimenkul Yatirim Ortakligi debuted on the Star Market on April 9 with an offering price of 21 TRY and raised 3.71 billion TRY in proceeds. Ekinciler Demir ve Celik Sanayi followed on May 22 with an offering price of 45 TRY and a placement volume of 2.34 billion TRY.
The two IPOs in the second quarter raised a combined total of 6.05 billion TRY. No new companies were listed on the stock exchange in June.
By the end of the first half of the year, the number of companies listed on Borsa Istanbul had risen to a total of 606. The 16 new listings were added between January 5 and May 22. Only two companies ended the half-year below their offering price. Companies that had gone public at the beginning of the year posted particularly strong stock price performance, while second-quarter IPOs showed weaker performance.
July Kicks Off with More IPOs
The momentum in the Turkish IPO market continued into July.
Beta Enerji ve Teknoloji launched on July 1 with an offering price of 40 TRY and raised 2.43 billion TRY. Demand exceeded supply by a factor of 14.
Orzaks Ilac ve Kimya Sanayi Ticaret saw strong demand between June 29 and July 1 for an offering volume of 3.6 billion TRY. Golda Gida Sanayi ve Ticaret raised approximately 805 million TRY during its initial public offering from July 1 to July 2. The results, published on July 3, confirmed strong investor interest. Isvea Seramik also reported strong demand during the subscription period from July 1 to 3.
Soho Giyim ve Enerji was set to begin trading on July 6 following an IPO worth approximately 1.5 billion TRY. Additionally, Saat ve Saat Sanayi ve Ticaret planned to offer its shares from July 6 to 8 at an offering price of 56 TRY per share.
Since 1991, the highest number of IPOs in Turkey was recorded in 2023, with a total of 56 IPOs. The low point was in 2001, when only one company ventured to go public.
