The Public Offering (IPO) of the Turkish energy distribution and retail company Enerjisa Enerji A.S. is successful. Today the company announced that the offer price will be 6.25 Turkish Lira (TL) per lot of 100 shares. Strong international and local investor demand leads to an oversubscription of the offering of 4.8 times.
The IPO consists of a secondary offering of 23,621 billion shares, representing 20 percent of the company with each of the joint venture shareholders, E.ON and Sabanci, selling each equal number of shares. This values the company at approximately €1.58 billion (7.38 billion TL). Trading of the stock is expected to commence on the Borsa İstanbul on February 8, 2018 under the symbol “ENJSA”.
Johannes Teyssen, CEO of E.ON, said: “I am very pleased that the IPO of Enerjisa's customer and network business is such a great success. It demonstrates the justified confidence of national and international investors in Enerjisa's performance. Our nine million customers in Turkey will benefit from the strengthening of our business.”
Sabanci Holding CEO Mehmet Göçmen, pointed out that the record level of demand is a clear indication of international investors’ trust in Turkey and in Enerjisa. Göçmen, stating that they have the justified pride of holding the largest IPO of Sabancı, added: “We think that at the point we have reached today, as well as from our perspective, the high demand received for Enerjisa Enerji, especially from foreign investors, increasing the depth of capital markets and represents a vote of confidence on Turkish economy.”
Considering the high demand, Enerjisa CEO Kıvanç Zaimler said “We are very proud that our company has received high demand from the leading and reputable investors concerning both domestic and international corporate demands. This achievement is a significant step for Enerjisa, we carry a higher burden based on the level of confidence our investors shown to us, as well as for the sector in terms of the corporate development and transparency of the energy markets. We target a continued value cratetion to all of our shareholders, thank for the trust on Enerjisa and on our future.” Zaimler underlined the fact that Enerjisa continued it accelerated value creation in the recent years and is very motivated by the level of trust demonstrated by high demand in the IPO. He said: “As the leader and the largest player of our industry, we will continue to enhance our successful performance to date with our management team and 10.000 employees and strive to provide profitable and strong growth so that investors who invest in Enerjisa get the worth of their investments.”