The Esin Attorney Partnership and Baker McKenzie have advised Turkven Private Equity, the Akarlilar Family, and Mavi Giyim Sanayi ve Ticaret A.S.on Mavi's IPO. White & Case advised underwriters Bank of America Merrill Lynch, Goldman Sachs, and Is Yatirim on the IPO, which, with a market capitalization of TRY 2,135,300,000 (TRY 43 per share) and an offering of 27,311,350 shares, is the largest in Turkey since 2013.
The offering consists of an international offering of 16,624,300 shares by Blue International Holding B.V. outside the United States and Turkey to institutional investors in offshore transactions; in the United States only to qualified institutional buyers; and a public offering of 7,124,700 shares to retail and institutional investors in Turkey in offshore transactions. An additional 3,562,350 shares were sold by the selling shareholder to cover over-allotments. Based on the offer price, Mavi's total market capitalization at the commencement of trading was approximately TRY 2.14 billion. The shares began trading on the Borsa Istanbul on June 15, 2017 under the symbol "MAVI."
Muhsin Keskin, the Esin Attorney Partnership's Head of Capital Markets, who led his firm's team on the matter, stated, “we are very happy and proud to have completed the legal framework for this momentous deal. This deal showcases Turkey's strong economic programs and the rising interest in Turkish capital markets. It promises to shake up a moribund market for Turkish IPOs, characterized by years of cancelled or postponed sales. This IPO is very important for several reasons. First of all, it is 2017's first successful public offering and the largest Turkish IPO in dollar terms since 2013. It is also the very first exit of a private equity investor through an IPO in Turkey, showing to international private equity firms interested in Turkish assets that this exit strategy, frequently used in Europe, is also available to them in Turkey. The public float of 55% is among the largest in the Turkish market and sets a very good example for best corporate governance practices in the Turkish capital markets.”
In addition to Keskin, Baker McKenzie's team consisted of Istanbul-based Partners Eren Kursun, Erdal Ekinci, and Birturk Aydin, Frankfurt-based Partners Mark Devlin and Nikolaus Reinhuber, Amsterdam-based Partner Marcel Janssen, Chicago-based Partner Michael Fieweger, Moscow-based Partner Sergei Voitishkin, and London-based Partners James Thompson and Nick O'Donnell. They were supported by Of-Counsel Ross McDonald (New York) and Associates Caner Elmas, Gunes Helvaci, Berk Cin, Sait Baha Erol, Erdi Yildirim, Sena Uralcin, Sena Calin, Sertac Kokenek, and Gokce Serez, Valesca Molinari (in Frankfurt), Kim Stouffer (in Toronto), Rochelle McAllister (in Chicago), Sergey Kapustin (in Moscow), Gerard Koster (in Amsterdam) and Tom Quincey (in London).
The White & Case team was led by London-based Partner Laura Sizemore, Istanbul Local Partner Derin Altan, Istanbul-based Associate Ece Kuregibuyuk, and New York-based Associate Henrikki Harsu.