Şok fights on as macro volatility sinks two Turkish IPOs

Sam Kerr

May 08, 2018 03:15 PM

Turkey_currency_PA_230x150 — January 11, 2017 - Istanbul, TÃÂ¼rkiye - A board showing the currency exchange rates of the U.S. dollar and the Euro against Turkish lira is on display at a currency exchange office in Istanbul, Turkey, January 11, 2017. TurkeyÃ¢â¬â¢s embattled lira took a new pounding on Jan. 11 on foreign exchange markets as emergency measures announced by the Central Bank failed to impress markets. The Turkish Lira has lost almost 10 percent in value against the U.S. dollar since the start of this year alone, falling to 3.84 to the greenback, having earlier reached a new historic low of 3.89. Against the euro, the lira crashed through the 4.0 ceiling for the first time in history to trade at 4.06 to the euro, a loss of 1.19 percent in value on the day. (Credit Image: Â© Depo Photos via ZUMA Wire) | Depo Photos/Zuma Press/PA Images

The IPOs of two Turkish retailers, Beymen and DeFacto, were cancelled at the end of last week, after failing to attract enough demand to cover the shares on offer. A third IPO, Şok Marketler, was extended to Wednesday May 9. All three were seeking to list in Istanbul.

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Topics

Central and Eastern Europe (CEE)Deutsche Bank Equity IPOs Equity Bank of America Citi EMEA Turkey Europe Emerging Markets CEE Equity HSBC CEE

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Sam Kerr