Panelsan will be the first public offering of 2022

Panelsan, one of the leading companies in the roof and facade panels sector, will be the first company whose shares will be offered to the public in 2022. In the Panelsan public offering, which will be held between 9-10-11 February, 25.67 percent of the company's shares, excluding additional sales, and 28 percent, including additional sales, will be offered to the public.

During the public offering process led by Gedik Yatırım, the price per share was determined as 10.20 TL. Panelsan aims to use a significant portion of the resources it will obtain from the public offering in the construction of additional production facilities.

Panelsan; It operates in the production of sandwich panels, EPS thermal insulation boards, and special size blocks, and EPS injection-molded special products. Panelsan, which carries out its production in its facility in a closed area of ​​22 thousand square meters on an area of ​​approximately 57 thousand square meters in Ankara Organized Industrial Zone, aims to establish both a sandwich panel production facility in Almaty, Kazakhstan, and an additional sandwich panel production line at its existing facilities in Ankara Polatlı. Panelsan, which is in the process of applying to the Ministry of Science, Technology, and Industry to become an R&D Center, is consistently on the ISO second 500 list.

Nearly 100% growth in 1 year

Panelsan completed the first nine months of 2021 with sales of 393.2 million TL. The company's growth rate in the first nine months of 2021 was approximately 88 percent compared to the same period of the previous year. When the realizations of the first nine months of 2020 and the first nine months of 2021 are compared, the gross profit of Panelsan was 23.8 million TL in September 2020, and it increased to 66.2 million TL with an increase of 179 percent in September 2021. EBITDA was 57.8 million TL in the first nine months of 2021 and was 17.3 million TL in the first nine months of 2020. In this context, Panelsan's EBITDA increase in the first nine months of 2021 was 235 percent compared to the same period of 2020.

The post-IPO capital is targeted to be 75 million

Panelsan will be traded on Borsa Istanbul with the PNLSN code. The company, which aims to distribute at least 20 percent of the distributable profit as cash dividends, will perform book collection and sales at fixed prices during the public offering process. In the Panelsan public offering, of which a nominal 17.5 million TL portion will be realized through a capital increase, the company's capital is targeted to be 75 million after the public offering.

"We will get closer to our targets with our shares to be traded on Borsa Istanbul"

Panelsan Chairman of the Board Serhat Maşlak gave the following information in his speech at the press conference, "My brother Kaan Bey and I are the 3rd generation representatives of the legacy left to us by our grandfathers, who were business people who pioneered many firsts in the construction and building sector in our country since 1942. I started business at the age of 19. When Mr. Kaan completed his education abroad and returned to Turkey, we established Panelsan Roof Facade Systems Industry and Trade Joint Stock Company in 2004 and started the production of Sandwich Panel and Insulation products.

As the visionary leader of the sector, we aim to be in the top 500 list by rising from the ISO second 500 list, to increase our brand value in the domestic and global market with our R&D center and innovative new products that dominate the sector, and to become a global scale production company. With our shares starting to be traded on Borsa Istanbul, we will be closer to our targets."

"We are the only company representing the sector in Borsa Istanbul"

Panelsan Deputy Chairman and General Manager Recep Kaan Maşlak made statements about the public offering and future targets. Maşlak said, "We are the company that will be the first public offering of 2022. In addition, we are the only company representing the sector in Borsa Istanbul. This is very valuable to us. Our public offering idea started with our desire to make new investments. We aim to finance the new sandwich panel line investment we plan to make in Ankara with public offering income. We plan to use most of our public offering income in the construction of the additional factory building and the purchase of the production line to be used in this factory. With the remaining income, we aim to increase production capacity and meet working capital needs."