Çitlekçi's 2.7 Billion Lira IPO: 99 Store Target by 2030 and Sustainable Growth Strategy

Çitlekçi Mağazacılık Gıda AŞ's 2.7 billion liras IPO on Borsa İstanbul is unveiling the company's sustainable growth strategy with a target of reaching 99 stores by 2030. CFO Kazım Altındağ revealed the company was founded in 1995 in Ankara and initially operated in wholesale dried fruit sales before entering the retail sector with its first stores in Kırıkkale in 2011. The company's total assets stand at 7 billion liras, with equity exceeding 5 billion liras. Total paid-up capital is 150 million liras, representing approximately 33 times the equity. There is no financial debt, and the company has recorded over 100% growth in the last two years, achieved entirely through equity. The IPO proceeds will be allocated as follows: 30-40% for working capital, 30-40% for new store investments, 10-20% for solar energy plant investments, and 10-20% for new warehouse investments. The company currently operates 3 warehouses in Ankara and Kırıkkale, with a total closed storage area exceeding 20,000 square meters. With a current 40 stores, the company aims to expand to 99 stores by 2030, targeting retail presence in all 81 provinces of Turkey and eventually abroad. The IPO received 7.8x demand, reflecting strong investor confidence. The company will reinvest the entire 2.7 billion liras from the IPO to accelerate growth.

The primary goal of the IPO is to sustain the company's retail model and support its mission of adding value to Turkey. This strategy will strengthen the company's future growth targets and enhance its competitive position in the market.