SPK Greenlights $230M Combined IPOs for Intetra and Bakırcı

The Capital Markets Board (SPK) has granted final approval for two new IPOs, adding a TL 4.3 billion boost to Turkey’s equity‑raising calendar.

Intetra Technology: Growth and Valuation Play

Intetra Technology and IT Services Inc. will increase its current TL 130 million capital by a TL 30 million cash‑injection, raising it to TL 160 million. The offering includes the sale of TL 10 million nominal‑value B‑class shares held by existing shareholder Mehmet Ömerbeyoğlu, priced at a fixed TL 53.60 per share. Bulls Investment Securities Inc. will act as the lead underwriter.

■Capital increase: +23.1 %

■Offer price: TL 53.60

■Shares on sale: TL 10 million nominal

■Estimated proceeds: ≈ TL 2.14 billion

Bakırcı Real Estate: Deepening Liquidity in Property

Bakırcı Real Estate Investment Partnership Inc. will boost its current TL 501 million capital by a TL 167 million cash increase, bringing total equity to TL 668 million. No existing shareholder will sell shares; new shares will be offered at a fixed TL 12.93 per share. Integral Investment Securities Inc. and Alnus Investment Securities Inc. will serve as joint underwriters.

■Capital increase: +33.3 %

■Offer price: TL 12.93

■New shares: TL 167 million

■Estimated proceeds: ≈ TL 2.16 billion

Market Participation and Underwriter Role

Both companies are opting for a fixed‑price IPO to gauge investor appetite. The involvement of seasoned underwriters—Bulls Investment, Integral Investment, and Alnus Investment—is crucial for price stability and effective distribution.

■Underwriter experience: Avg. 15 years

■Distribution channels: Institutional & retail platforms

■Expected demand: Medium‑high

Aggregate IPO Size and Investor Pull

If all shares are sold, the combined offering size will reach ≈ TL 4.30 billion, making it one of the largest dual‑company IPO packages announced in the past three months.

■Total capital raised: TL 197 million

■Total estimated proceeds: TL 4.30 billion

■Sector split: Technology 49 %, Real Estate 51 %

Kerem Tufan – Director of Commercial Loans & Central Bank Policies:

SPK’s approval injects much‑needed liquidity into both the tech and real‑estate sectors, which could help alleviate the current squeeze on SME credit. Intetra’s tech‑focused expansion, financed by the IPO proceeds, is likely to boost R&D spending and enhance sector competitiveness. Meanwhile, Bakırcı’s enlarged capital base will enable new project launches, tempering demand pressures in the property market. Successful full subscription of these sizable IPOs signals that investor risk appetite remains robust; consequently, the banking sector should calibrate its lending policies while monitoring the sustainability of this market‑wide liquidity influx.