Record Bonus Issue Blitz and IPO Storm on BIST: Capital Revolution Led by KORDS

Capital restructurings and IPO demands on the Borsa İstanbul emerged as the primary dynamics steering the market on the final trading day of the week. Notably, Kordsa's massive bonus issue decision and ANELE's abrupt halt to its international contract have become critical inflection points triggering volatility in the technology and industrial indices. This investor-focused movement concentrates liquidity flows on new IPOs and company-specific strategic transformations.

KORDS's Historic Bonus Move and Capital Expansion

The most striking development entering the radar of market makers was Kordsa's decision to fundamentally change its capital structure. The company is moving forward with a bonus issue representing an 18-fold increase, symbolizing a %1,799.9 ratio per share.

■The company's capital will be raised from 194.5 million TL to 3.5 billion TL, reaching a total of 3.7 billion TL.

■FZLGY increased its registered capital ceiling from 1.3 billion TL to 20 billion TL, paving the way for future moves.

■PLTUR General Assembly approved raising the capital ceiling from 1 billion TL to 5 billion TL.

IPO Demand Rises and New Orders Arrive

Vitality in the primary market continues, with new stocks both in the demand collection phase and starting to trade, enhancing the depth of the stock exchange.

■ALBTN and METEN shares will start trading on the Bourse on July 29 and July 28, respectively.

■Demands for the IPOs of BEWEN and QUICK will be collected on July 29 – 30 – 31.

■Applications were made to MKC for 35 million shares of SKBNK to be traded by Mehmet Rüçhan Ortayatırtmacı and Nurdan Ortayatırtmacı.

Balance of Risk and Opportunity in Contracts

KAP disclosures regarding companies' new business opportunities and existing obligations contain vital data for sectoral analyses. The trajectory of agreements, especially in energy and construction, has a direct impact on stock pricing models.

■The 154 million sterling contract signed between ANELE subsidiary Anel Engineering and Shotton Mill Ltd was halted upon the employer's request to terminate the project, and a liquidation process was initiated.

■An export contract worth 27.0 million USD was signed by KRDMA, KRDMB, and KRDMD.

■FRMPL announced it secured new work worth 330 million TL, while FZLGY sold its land in Başakşehir for 875 million TL.

■The transfer of %42.8 of Can Kültür's shares in TKFEN to OYAK's ON Investment was completed.

Corporate Governance and Credit Rating Updates

Assessments by rating agencies and corporate insurance transactions are monitored for sustainability and risk management.

■CUSAN's credit rating was revised by JCR Eurasia from BBB+(tr) to BBB-(tr).

■CEMAS's long-term national institution credit rating was confirmed.

■QNBTR and YKBNK issued debt instruments abroad worth 11 million sterling and 5 million sterling, respectively, with a 374-day maturity.

In our algo-trading models, the %1,799.9 bonus issue ratio on KORDS generates a serious volatility signal in price adjustments. However, the halt of the 154 million sterling contract at ANELE can create an instantaneous disruption in momentum strategies pricing earnings expectations, potentially increasing short-position pressure on this stock. The contribution of new IPOs (ALBTN, METEN) to market depth balances liquidity fractions in the general index, while the sector rotation shifts towards energy and industrial stocks.