Turk Ilac Started to be Traded in Borsa Istanbul

Turk Ilac started to be traded in Borsa Istanbul. The stock earned a 10 percent premium at the opening.

The shares of Turk İlaç, the second public offering of the year, started to be traded in Borsa Istanbul, while the shares of the company made a 10 percent premium at the opening. Mehmet Berat Battal, Chairman of the Board of Directors of Turk İlaç, said in a statement to Bloomberg HT that they were happy with the demand that exceeded their expectations. Battal stated that the company, which is capable of performing technology transfer related to inactive vaccines, has the largest serum production capacity in the country. Stating that coronavirus vaccines are on the agenda, Battal noted that they have negotiated with many companies for vaccine production in Turkey, but stated that there no agreements concluded yet. Stating that they have the infrastructure to fill 100 million vials annually on the vaccine side, Battal emphasized that there is an opportunity to develop this capacity. Battal stated that they plan to use 30 percent of the funds from the public offering for the payment of debts, 35 percent for working capital and the rest for raw materials. For the public offering of the shares of the company, between February 25-26, 2021, "Demand Building with Fixed Price" procedures were completed. After building the demand, it was announced that the size of the public offering was 234.5 million TL. According to the statement made, 10.05 shares with a nominal value of 10.05 TL to be increased due to the increase of Turk İlaç's capital from 67 million TL to 77.05 million TL and a nominal value of 13.4 million TL owned by its current shareholder Mehmet Berat Battal. 23.45 million shares with a total nominal value of 23.45 million TL, including 13.4 million shares of value, were offered to the public. In the public offering, 1,451,243,670 shares were collected from a total of 128,547 investors.       Source: Bloomberg HT