Recent Development
With its decision published in the Bulletin dated June 24, 2021 and No. 2021/31 ("Decision"), the Capital Markets Board of Turkey ("CMB") decided to extend the sale period until July 14, 2021 for initial public offerings ("IPOs") to take place with offering circulars prepared with the financial statements for the last three years, provided that the financial statements for the first three-month interim period are also enclosed to the offering circular.
What Does the Decision Say?
The CMB previously extended the sale periods for IPOs to take place from February to May 2021 through its decision published in the Bulletin dated February 4, 2021 and No. 2021/6. You may find our relevant legal alert here. According to this decision, the sale period for offering circulars covering the financial statements for the last three years was extended to June 31, 2021, provided that the financial statements for the first three-month interim period are also enclosed to the offering circular. With its new Decision, the CMB extended this period until July 14, 2021.
Conclusion
In light of the market activity and unexpectedly busy IPO pipeline, the CMB continues to provide flexibility for IPOs and to promote market activity.
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