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n11 eyes IPO: Bloomberg
Posted on Thursday, 13 February 2020 13:56
The owners of Dogus Planet Elektronik Ticaret ve Bilisim Hizmetleri may decide to hold an initial public offering of the Turkish ecommerce platform better known as n11.com, sources told Bloomberg.
According to the people, who declined to be named as the matter is still confidential, SK Holdings of South Korea and Dogus Holding have sounded out the possibility of a listing with investment banks.
While the sources cautioned a decision has not yet been made, the marketplace website told Bloomberg it has no intention of holding an IPO in the “near future”.
Separately, SK’s internet platform and development arm, SK Planet, said it does not have any plans to list the business.
Dogus and the South Korean partner formed n11 in June 2012 as an open market platform connecting diverse stores and brands with millions of customers.
According to its website, the platform has access to more than 115,000 shops and lists over 14.00 million registered products ranging from apparel and electronics to homeware.
Zephyr, the M&A database published by Bureau van Dijk, shows 49 deals targeting Turkey’s data processing, hosting and related services sector have been announced in the last five years.
Some of the largest feature international acquirors seeking to boost their market share in the country by acquiring or investing in local players.
Germany’s Delivery Hero Holding bought Yemek Sepeti Elektronik Iletisim Tanitim Pazarlama Gida San ve Tic from General Atlantic and other shareholders in May 2015 for USD 589.00 million.
Naspers of South Africa, via Netherlands-incorporated PayU Global, took a majority stake in iyzi Teknoloji ve Odeme Sistemleri for USD 165.00 million.
Within the retail segment, in June 2018, Alibaba bought 75.0 per cent of Turkey’s fashion platform, Trendyol.
© Zephus Ltd