ANKARA (Reuters) – Turkish e-commerce agency Trendyol, backed by Chinese web large Alibaba, plans a dual-listing IPO in New York or London when its overseas gross sales revenue reaches 30-35% of whole revenue, its chief govt stated.
Trendyol, certainly one of Turkey’s greatest recognized platforms, has drawn backing from overseas buyers and holds a number one place in Turkey’s fragmented e-commerce market.
“Before a public providing we need to see revenue abroad, which is round 5% of whole revenue proper now, rise to 30-35%,” President of Trendyol Group Caglayan Cetin stated in embargoed remarks late on Tuesday.
In a gathering with reporters, Cetin additionally stated the corporate is planning its preliminary public providing (IPO) in 2024-2025 however that groups are making a critical effort to deliver it ahead to subsequent 12 months.
“Our final goal is an IPO. We will use the dual-listing technique… One arm will likely be in Turkey (Istanbul inventory alternate) and the opposite may be in London or New York,” he stated.
In August, Trendyol it had entered into agreements to lift $1.5 billion from a variety of high-profile buyers, valuing the corporate at $16.5 billion.
Trendyol is additionally concerned with firm acquisition in Turkic international locations, Middle East or Europe and seeking to a spread of corporations with $500 million to $6 billion valuation, Cetin stated.
(Editing by Ezgi Erkoyun and Jonathan Spicer)