Turkish fast-food conglomerate TAB Gida has obtained approval for an initial public offering (IPO) at Borsa Istanbul, potentially setting up the largest Turkish IPO in dollar terms since 2018. The company, which operates over 700 Burger King outlets along with brands like Arby’s, Popeyes, Sbarro, and Subway, as well as domestic brands, aims to raise about 6.83 billion liras ($246 million) by selling up to 52.5 million shares. This includes 28.9 million new shares and the rest from parent company TFI TAB Food Investments.
The IPO announcement comes in the wake of a period of significant growth for TAB Gida. The company reported a striking 125% increase in revenue in 2022 to reach 8.62 billion liras, with a net income of 361.8 million liras. Operating around 1,500 fast food restaurants across Turkey, Northern Cyprus, North Macedonia, and Georgia, TAB Gida's performance has been robust despite global economic uncertainties.
This upcoming IPO is part of a broader trend of Turkish firms listing at Borsa Istanbul this year. The surge in listings is driven by the growing pool of local retail investors amid a steep stock rally. It also underscores the resilience and potential of Turkey's fast-food sector and the broader consumer market in the region.
TFI TAB Food Investments had previously considered a Turkish IPO as an option. The decision to proceed with the IPO underlines the firm's confidence in the local market and its growth prospects. The funds raised from this IPO will be instrumental in driving TAB Gida's future expansion plans and solidifying its position within the competitive fast-food industry.
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