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Dentons Advises on First Turkish IPO on Premium Segment of the UKLA


Balcioglu Selcuk Akman Keki Attorney Partnership (BASEAK) has advised DP Eurasia N.V., the exclusive master franchisee of the Domino's Pizza brand for Turkey, Russia, Georgia, and Azerbaijan, on the Turkish law aspects of its successful initial public offering and admission to listing on the premium segment of the UK Listing Authority (UKLA) and to trading on the London Stock Exchange. Dentons acted as English, US, and Russian counsel to DP Eurasia, while Allen & Overy and Gedik & Eraksoy reportedly advised the underwriters. The offering raised gross proceeds of approximately GBP 148 million.

According to BASEAK, "DP Eurasia is the first Turkish business to access the premium segment of the UK market – the 'super-equivalent,' and highest, standard of listing in the UK," and the firm describes the company as "the fifth largest franchisee of Domino's Pizza Inc., with 571 stores across its four geographies." In addition, according to BASEAK, "the company was admitted to the London Stock Exchange with a market capitalization of GBP 291 million (based on the offer price), and "the IPO comprises existing shares sold by shareholders (TPEF II, a fund advised by Turk Ventures Advisory Limited, and Aslan Saranga, DP Eurasia N.V.'s CEO) and an issue of new shares by the company to raise approximately GBP 20 million." The company intends to use proceeds from the offering for general corporate and working capital purposes and to expand its business in Russia.

DP Eurasia is incorporated in the Netherlands and, as a result, the listing and offering required approvals from the Netherlands Authority for the Financial Markets as well as the UKLA. The offering also included a placement to institutional investors in the United States.

BASEAK Corporate Partners Mufit Arapoglu and Galip Selcuk and Senior Associate Duygu Cetinkaya Eldem led on Turkish law matters and Dentons Partner Nik Colbridge and Senior Associate James Davison led the matter from London. Dentons London Corporate Partner Cameron Half led on US securities laws matters, with assistance from Atlanta/New York Corporate Partner Steve Berson. Dentons Corporate Partner Mikhail Dikopolski in Moscow led on Russian law matters and Tax Partner John Harrington in Washington led on US tax matters.

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