SPK Approves 4 New IPOs: A TL 13.78 Billion Market Shock

The Capital Markets Board (SPK) has announced approval for new IPOs of Albayrak Hazır Beton, Masfen Enerji, Metgün Enerji Yatırımları, and Kardemir Çelik Sanayi, unlocking an estimated TL 13.78 billion of fresh capital.

Liquidity Surge on the Istanbul Exchange

The pricing and capital increases offer attractive entry points for investors.

■Albayrak Hazır Beton: TL 201 million existing capital, TL 49 million increase to TL 250 million; issue price TL 38.60.

■Masfen Enerji: TL 500 million existing capital, TL 55 million increase to TL 555 million; issue price TL 45.68.

■Metgün Enerji Yatırımları: TL 544.421 million existing capital, TL 90.579 million increase to TL 635 million; issue price TL 20.00.

■Kardemir Çelik Sanayi: TL 720 million existing capital, TL 110 million increase to TL 830 million; issue price TL 35.00.

Balance‑Sheet Impact and Share Allocation

Each firm will sell B‑class shares from existing shareholders to complement the capital raise.

■Albayrak Hazır Beton: TL 21 million of B‑class nominal shares.

■Masfen Enerji: TL 30 million of B‑class nominal shares.

■Metgün Enerji Yatırımları: TL 45 million of B‑class nominal shares.

■Kardemir Çelik Sanayi: TL 18 million of B‑class nominal shares.

Aggregate IPO Size

If all shares are sold, the combined market value of the new issues will reach TL 13.78 billion.

■Albayrak Hazır Beton: TL 2.70 billion

■Masfen Enerji: TL 3.88 billion

■Metgün Enerji Yatırımları: TL 2.71 billion

■Kardemir Çelik Sanayi: TL 4.48 billion

Expert Note (Aylin Güneş)

These four IPOs represent a strategic entry for dividend‑seeking and share‑buyback‑oriented portfolios. Albayrak Hazır Beton and Kardemir Çelik, with their infrastructure and steel exposure, offer low price‑to‑book multiples and strong cash flows, enhancing dividend yield potential. Masfen Enerji and Metgün Enerji are positioned to benefit from the renewable transition and energy‑security dynamics. Investors should note that the issue prices provide a favorable premium relative to sector averages and that the B‑class share sales address existing shareholder liquidity needs, warranting a reassessment of portfolio weightings.