Capital Markets Board (“CMB”)announced that it has updated the revaluation amounts in accordance with the Capital Markets Law for the year 2024. The criteria for public offerings of companies have been tightened as of the decision dated 29.12.2023 and published in the Weekly Bulletin dated 29/12/2023.
In accordance with the provisions of the “Equity Communiqué” and the “Principles Regarding the Exclusion of Companies from the Scope of the Law and the Obligation to Trade Their Shares on the Stock Exchange” updated by the CMB, the public offering criteria have been amended as follows:
The minimum capital required to transition to the registered capital system has been raised from TL 30,000,000 to TL 100,000,000.
If the market value of shares of companies to be publicly offered for the first time is below
TL 400,000,000, all of it; if it is between TL 400,000,000 and TL 800,000,000, all of it for
the part within this range, and half of it for the part exceeding this range, the authorized
institutions intermediating the sale in the public offering will have to commit against
the partnership to purchase these shares at the public offering price.
If the market value of shares of companies to be publicly offered for the first time is below
TL 500,000,000, 25% of the nominal value of the publicly offered shares will be held ready
for sale by restricting the shareholders’ new subscription rights.
In order to comply with CMB regulations, companies applying for public offering in 2024 must have a minimum total asset of TL 450,000,000 and a net sales revenue of TL 270,000,000 in their financial statements for the year 2022 , and and a minimum total assets of TL 1,500,000,000 and net sales revenue of TL 750,000,000 in their 2023 financial statements.
