Bizim starts $270m sale

17 Jan 2011

Turkish cash-and-carry retailer Bizim Toptan has opened books on a Tl315m-Tl420m ($200m-$270m) Istanbul IPO with a price range that represents a 21% discount to its closest comparable at the bottom end and a 6% premium at the top. The firm began its management roadshow on Monday, holding a well-attended group lunch.

The company’s owners are selling 35% of the company, 14m shares, at Tl22.50-Tl30 each in the all-secondary base deal, giving the company an equity value of $576m-$770m. There is a 2.1m share greenshoe. Bank of America Merrill Lynch is joint global co-ordinator and international bookrunner, Standard Unlu — ...

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