Kardemir Steel's Massive 128 Million Share IPO: Price and Dates Announced

Kardemir Çelik Sanayi A.Ş. has officially secured approval from the Capital Markets Board (SPK) for its public offering, positioning the steel giant to reshape its capital structure and attract significant investor interest in a pivotal move for the sector.

Capital Expansion in the Steel Sector: Anatomy of the Public Offering

The announced prospectus reveals not just a growth strategy through capital increase but also a hybrid structure encompassing share sales by existing shareholders. Here are the key figures and strategic maneuvers within the transaction:

■ The company’s issued capital will increase from 720 million TL to 830 million TL, issuing 110 million TL nominal value of new (B) group shares within this scope.

■ A total of 18 million TL nominal value of shares belonging to existing shareholders Tevfik Önder Karalp, Döğe Yatırım, and Özlem Bakürel will also be offered, bringing the total IPO size to 128 million shares.

■ Investors can submit their bids over three business days on July 22-24, 2026.

■ Company shares will be offered to market participants at a fixed price of 35 TL.

From a portfolio manager's perspective, Kardemir's public offering establishes a valuation benchmark within the industrial cycle-sensitive steel sector. Whether the 35 TL price aligns with the company's cash flow generation capacity and potential dividend yield is the linchpin for long-term investment decisions. This structure—where the capital increase portion signals growth financing and the existing shareholder sale indicates liquidity preferences—requires a meticulous analysis of the risk-return balance.