Capital Markets Board (“CMB”)announced that
it has updated the revaluation amounts in
accordance with the Capital Markets Law for the
year 2024. The criteria for public offerings of
companies have been tightened as of the decision
dated 29.12.2023 and published in the Weekly
Bulletin dated 29/12/2023.
In accordance with the provisions of the “Equity
Communiqué” and the “Principles Regarding the
Exclusion of Companies from the Scope of the
Law and the Obligation to Trade Their Shares on
the Stock Exchange” updated by the CMB, the
public offering criteria have been amended as
follows:
The minimum capital required to transition to
the registered capital system has been raised
from TL 30,000,000 to TL 100,000,000.
If the market value of shares of companies to
be publicly offered for the first time is below
TL 400,000,000, all of it; if it is between TL
400,000,000 and TL 800,000,000, all of it for
the part within this range, and half of it for the
part exceeding this range, the authorized
institutions intermediating the sale in the
public offering will have to commit against
the partnership to purchase these shares at the
public offering price.
If the market value of shares of companies to
be publicly offered for the first time is below
TL 500,000,000, 25% of the nominal value of
the publicly offered shares will be held ready
for sale by restricting the shareholders’ new
subscription rights.
In order to comply with CMB regulations,
companies applying for public offering in
2024 must have a minimum total asset of TL
450,000,000 and a net sales revenue of TL
270,000,000 in their financial statements for
the year 2022 , and and a minimum total
assets of TL 1,500,000,000 and net sales
revenue of TL 750,000,000 in their 2023
financial statements.