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Turkey’s Standard Profil accelerates to stock market: Reuters
Posted on Tuesday, 13 February 2018 14:31
Actera is said to be planning an initial public offering (IPO) of Turkish auto parts manufacturer Standard Profil, people familiar with the matter told Reuters.
According to the sources, the private equity firm has already appointed JPMorgan to help run a listing, which could take place in London.
The three people with knowledge of the situation declined to comment as the information is still confidential, though one of the insiders noted a flotation could take place as soon as May.
Actera, Standard Profil and JPMorgan could not be reached for comment when contacted by Reuters.
However, the news provider did observe that an IPO of the automotive firm could be joined by a number of other listings in the country as sources separately said retailers Sok, Beyman and DeFacto, as well as logistics group UN Ro-Ro, are also considering flotations in Turkey around May.
Standard Profil manufactures sealing parts for vehicles, supplying to companies such as General Motors, Renault, Ford and Audi, with about EUR 390.00 million in revenue in 2016.
The group was founded in 1977 in Istanbul; it changed hands in 2006 when Bancroft Private Equity paid USD 90.00 million for the business.
In 2011, the buyout firm announced plans to sell the company to the Ruia Group for an undisclosed amount; however, it instead decided to offload Standard Profil to Actera in 2013.
Interestingly, Actera also holds a stake in the aforementioned Turkish water freight transportation group UN Ro-Ro.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been four stock market flotations involving Turkish targets announced since the start of 2017.
The largest of these featured clothing retailer Mavi Giyim Sanayi ve Ticaret, which raised USD 525.00 million in June last year.
Other announced IPOs involved hospital operator Medical Park Saglik Hizmetleri, port management services group Trabzon Liman Isletmeciligi and information software publisher Fonet Bilgi Teknolojileri.
© Zephus Ltd