ARTICLE
14 August 2026

Recent Developments In Turkish Capital Markets 2026 June

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Gen Temizer

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Gen Temizer is a leading independent Turkish law firm located in Istanbul's financial centre. The Firm has an excellent track record of handling cross-border matters for clients and covers the full bandwidth of most complex transactions and litigation with its cross-departmental, multi-disciplinary and diverse team of over 30 lawyers. The Firm is deeply rooted in the local market with over 80 years of combined experience of the name partners while providing the highest global standards of legal services.
Recent Developments in Turkish Capital Markets 2026 June
Turkey Finance and Banking
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Issuances Approved by the Capital Markets Board of Türki̇ye

2026 June

Initial Public Offerings

COMPANY NAME

TYPE OF SALE

ISSUANCE AMOUNT

EXISTING SHARE SALE

ADDITIONAL SHARE SALE

OFFER PRICE

Beta Enerji ve Teknoloji AŞ

Capital Increase

+ Existing Share Sale

TRY 55,000,000

TRY 5,750,000

(1)

-

40,00 (2)

Orzaks İlaç ve Kimya Sanayi Ticaret AŞ

Capital Increase

+ Existing Share Sale

TRY 31,500,000

TRY 21,000,000

(3)

-

69,00 (4)

Ekim Turizm Ticaret ve Sanayi AŞ

Capital Increase

+ Existing Share Sale

TRY 132,000,000

TRY 30,000,000

(5)

-

30,26 (6)

Soho Giyim ve Enerji AŞ

Capital Increase

TRY 100,000,000

-

-

15,00 (7)

İsvea Seramik ve Banyo Ürünleri Sanayi AŞ

Capital Increase

+ Existing Share Sale

TRY 60,000,000

TRY 7,000,000

(8)

-

20,90 (9)

Golda Gıda Sanayi ve Ticaret AŞ

Capital Increase

+ Existing Share Sale

TRY 50,000,000

TRY 37,499,998

(10)

-

9,20 (11)

  1. Group (B) shares with a nominal value of TRY 1,955,000 held by existing shareholder Sabit DAĚSUYU, TRY 1,897,500 held by Yusuf Cenk DAĚSUYU, and TRY 1,897,500 held by Hakkı Mert DAĚSUYU will be offered in the public
  2. Shares with a nominal value of TRY 1 will be offered for sale at a fixed price of TRY 00.
  3. Group (B) shares with a nominal value of TRY 21,000,000 held by existing shareholder Yunus Emre ALİ-MOĚLU will be offered in the public
  4. Shares with a nominal value of TRY 1 will be offered for sale at a fixed price of TRY 00.
  5. Group (B) shares with a nominal value of TRY 30,000,000 held by existing shareholder Ali Vural AK will be offered in the public
  6. Shares with a nominal value of TRY 1 will be offered for sale at a fixed price of TRY 26.
  7. Shares with a nominal value of TRY 1 will be offered for sale at a fixed price of TRY 00.
  8. Group (B) shares with a total nominal value of TRY 7,000,000 held by existing shareholders – TRY 3,710,000 held by Erdem ÇENESİZ, TRY 980,000 held by Neslihan ONUR, TRY 980,000 held by Münevver ÇENESİZ, TRY 980,000 held by Ahmet ÇENESİZ, and TRY 350,000 held by Nuri Bülent ONUR – will be offered in the public
  9. Shares with a nominal value of TRY 1 will be offered for sale at a fixed price of TRY 90.
  10. Group (B) shares with a nominal value of TRY 37,499,998 held by existing shareholder Bera Holding AŞ will be offered in the public offering.
  11. Shares with a nominal value of TRY 1 will be offered for sale at a fixed price of TRY 20.

 

Share Issuances Of Publicly Held Companies

COMPANY NAME

TYPE OF SALE

ISSUANCE AMOUNT

Türkiye Sigorta AŞ

Capital Increase from Profit Shares

TRY 10,000,000,000

Goodyear Lastikleri Türk AŞ

Capital Increase from Internal Resources

TRY 1,250,000,000

Ulusal Faktoring AŞ

Capital Increase from Internal Resources

TRY 540,000,000

İhlas Holding AŞ

Public Offering (Rights Issue)

TRY 1,500,000,000

SASA Polyester Sanayi AŞ

Private Placement (Rights Issue)

TRY 785,263,157.89

Ostim Endüstriyel Yatırımlar ve İşletme AŞ

Capital Increase from Internal Resources

TRY 206,500,000

BMS Birleşik Metal Sanayi ve Ticaret AŞ

Capital Increase from Internal Resources

TRY 150,000,000

İş Girişim Sermayesi Yatırım Ortaklığı AŞ

Capital Increase from Internal Resources

TRY 414,951,158.73

 

 

Issuances Of Debt Instruments

 

COMPANY NAME

TYPE OF DEBT INSTRUMENT

 

TYPE OF SALE

 

ISSUANCE AMOUNT

Burgan Finansal Kiralama AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 4,000,000,000

Bond/Commercial Paper

International

USD 100,000,000

 

QNB Bank AŞ

Bond/Commercial Paper/ Subordinated Debt Instrument

 

International

 

USD 4,000,000,000

Margün Enerji Üretim Sanayi ve Ticaret AŞ

Green/Sustainable Bond/ Commercial Paper

International

USD 350,000,000

İş Enerji Yatırımları AŞ

Bond/Commercial Paper

International

USD 250,000,000

Oyak İnşaat AŞ

Bond/Commercial Paper

Private Placement

TRY 10,000,000,000

Çağdaş Faktoring AŞ

Bond/Commercial Paper

Qualified Investor

TRY 4,224,500,000

VDF Faktoring AŞ

Bond/Commercial Paper

Qualified Investor

TRY 1,500,000,000

Sümer Varlık Yönetimi AŞ

Bond/Commercial Paper

Qualified Investor

TRY 8,000,000,000

Şeker Yatırım Menkul Değerler AŞ

Bond/Commercial Paper

Qualified Investor

TRY 4,000,000,000

 

Issuances Of Debt Instruments

 

COMPANY NAME

TYPE OF DEBT INSTRUMENT

 

TYPE OF SALE

 

ISSUANCE AMOUNT

Creditwest Faktoring AŞ

Bond/Commercial Paper

Qualified Investor

TRY 670,000,000

Deva Holding AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 4,000,000,000

Pınar Süt Mamulleri Sanayii AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 2,500,000,000

 

Tera Yatırım Bankası AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 12,000,000,000

Bond/Commercial Paper

International

USD 50,000,000

 

Aytemiz Yatırım Bankası AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 5,000,000,000

Bond/Commercial Paper

International

EUR 50,000,000

Ak Finansal Kiralama AŞ

Bond/Commercial Paper

International

USD 150,000,000

Ulusal Faktoring AŞ

Bond/Commercial Paper

Qualified Investor

TRY 300,000,000

İstanbul Faktoring AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 300,000,000

Quick Finansman AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 270,000,000

Deniz Eko Enerji ve Geri Dönüşüm AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 1,000,000,000

Turkcell İletişim HizmeTRYeri AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 15,000,000,000

Ata Yatırım Menkul KıymeTRYer AŞ

Bond/Commercial Paper

Qualified Investor

TRY 450,000,000

Midas Menkul Değerler AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 1,450,000,000

Bulls Yatırım Menkul Değerler AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 5,450,000,000

Deniz Finansal Kiralama AŞ

Bond/Commercial Paper

International

EUR 50,000,000

Adil Varlık Yönetim AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 500,000,000

Yapı Kredi Faktoring AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 6,800,000,000

Koç Finansman AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 1,400,000,000

 

Türkiye Garanti Bankası AŞ

Bond/Commercial Paper/ Subordinated Debt Instrument

 

International

 

USD 6,000,000,000

İş Gayrimenkul Yatırım Ortaklığı AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 10,000,000,000

Ak Yatırım Menkul Değerler AŞ

Bond/Commercial Paper

Private Placement/ Qualified Investor

TRY 15,000,000,000

 

 

 

Other Issuances

 

COMPANY NAME

CAPITAL MARKET

INSTRUMENT TYPE

 

NOMINAL

ISSUANCE CEILING

 

 

TYPE OF SALE

LEASE CERTIFICATE AND ASSETBACKED SECURITIES

ISSUANCES

FOUNDER

ORIGINATOR/ FUND USER

TMKŞ

Fibabanka Altıncı Varlık Finansmanı Fonu

 

Asset-Backed Security

 

 

TRY 50,000,000,000

Private

Placement/ Qualified Investor

Birleşik İpotek

Finansmanı AŞ

 

 

Fibabanka AŞ

 

D Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 1,000,000,000

Private

Placement/ Qualified Investor

 

D Yatırım Bankası AŞ

 

Ege Yapı AŞ

 

Katılım Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 6,000,000,000

Private

Placement/ Qualified Investor

 

Vakıf Katılım Bankası AŞ

Brisa Bridgestone Sabancı öLastik Sanayi ve Ticaret

 

Katılım Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 2,500,000,000

Private

Placement/ Qualified Investor

 

Vakıf Katılım Bankası AŞ

Karsan Otomotiv Sanayii ve Ticaret AŞ

 

Halk Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 1,500,000,000

Private

Placement/ Qualified Investor

 

Türkiye Halk Bankası AŞ

 

Halk Finansal Kiralama AŞ

 

Değer Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 400,000,000

Private

Placement/ Qualified Investor

Albaraka Türk Katılım Bankası AŞ

 

Tarfin Tarım AŞ

 

Hedef Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 325,000,000

Private

Placement/ Qualified Investor

İnfo Yatırım Menkul Değerler AŞ

 

Haver Farma İlaç AŞ

 

Ahlatcı Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 1,000,000,000

Private

Placement/ Qualified Investor

Ahlatcı Yatırım Menkul

Değerler AŞ

Ahlatcı Yatırım Menkul Değerler AŞ

 

 

Emlak Varlık Kiralama AŞ

Management Agreement-Based Green/ Sustainable Lease

Certificate

 

 

TRY 4,000,000,000

 

Private

Placement/ Qualified Investor

 

Türkiye Emlak Katılım

Bankası AŞ

 

 

Garanti Finansal Kiralama AŞ

 

 

Other Issuances

 

COMPANY NAME

CAPITAL MARKET

INSTRUMENT TYPE

 

NOMINAL

ISSUANCE CEILING

 

 

TYPE OF SALE

LEASE CERTIFICATE AND ASSETBACKED SECURITIES

ISSUANCES

FOUNDER

ORIGINATOR/ FUND USER

Pasha Yatırım Bankası

AŞ Vaden Otomotiv Varlık DK

Yıldız Varlık Finansman Fonu

 

 

 

Asset-Backed Security

 

 

 

TRY 10,000,000,000

 

 

 

Qualified Investor

 

 

 

Pasha Yatırım Bankası AŞ

 

 

Vaden Otomotiv Sanayi ve Ticaret AŞ

DK Yıldız Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 250,000,000

Private

Placement/ Qualified Investor

Dünya Katılım

Bankası AŞ

Filokur Araç Kiralama HizmeTRYeri ve Ticaret AŞ

 

DK Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 9,500,000,000

Private

Placement/ Qualified Investor

Dünya Katılım

Bankası AŞ

 

Dünya Katılım Bankası AŞ

 

ZKB Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 3,000,000,000

Private

Placement/ Qualified Investor

 

Ziraat Katılım Bankası AŞ

İstanbul Memorial Sağlık Yatırımları AŞ

 

Bizim Varlık Kiralama AŞ

Management Agreement-Based Lease Certificate

 

TRY 500,000,000

Private

Placement/ Qualified Investor

 

Bizim Menkul Değerler AŞ

Kuzuoğlu Su

Ürünleri Sanayi ve Ticaret AŞ

 

 

Pension Investment Fund Shares

FOUNDER

FUND

REGISTERED AMOUNT

NUMBER OF REGISTERED SHARES

INITIAL AMOUNT

FINAL AMOUNT

 

Katılım Emeklilik ve Hayat AŞ

Katılım Emeklilik ve Hayat AŞ

Katılım Karma Emeklilik Yatırım Fonu

 

 

TRY 10,000,000,000

 

 

TRY 1,000,000,000,000

 

 

-

 

 

-

 

Announcements and Principle Decisions

Announcement Regarding the Board Decision-Making Body’s Principle Decision No. i-SPK.67.1 (dated 04/06/2026 and numbered 34/1044):

Regarding the determination of the concept of the free float ratio for companies whose shares are traded on the Borsa İstanbul AŞ Equity Market:

  1. It has been decided to add, following paragraph (A), to Principle Decision No. 21/655 dated 07.2010 (as amended by Principle Decisions No. 24/729 dated 19.08.2010, No. 5/157 dated 17.02.2011, and No. 31/1059 dated 30.10.2014), a new paragraph (B) providing that “the issuer shares corresponding to the participation share ownership ratio in the relevant fund, held by persons whose shares are excluded from the free float ratio calculation under paragraph (A) due to their free or private fund participation shares, shall also be excluded from the concept of the free float ratio,” and to renumber the other paragraphs of the decision accordingly;
  2. It has been decided that free float share count and free float ratio data will be calculated daily by the Central Securities Depository (Merkezi Kayıt Kuruluşu AŞ), effective as of 06.2026 within the scope of this amendment.

Announcement Made Pursuant to the Board Decision-Making Body’s Decision dated 13/06/2026 and numbered 36/1097:

It has been decided that the measures and practices provided for in the Board Decision-Making Body’s Decision dated 30.05.2026 and numbered 33/993 (announced in our Board’s bulletin dated 30.05.2026 and numbered 2026/33) – namely (i) the prohibition of short selling transactions in the Borsa İstanbul AŞ equity markets, and (ii) the continued application of a relaxed equity ratio for the duration of margin trading transactions – will continue to be applied until the end of the trading session on 26.06.2026.

Board Decision-Making Body’s Principle Decision No.i-SPK.37.9 (dated 17/06/2026 and numbered 37/1118):

It has been decided to add the following provision to the “Guide on Investment Services and Activities and Investment Firms,” under the heading “G. Trading Intermediation Activity,” following provision “3. Borsa İstanbul AŞ Membership of Banks Trading Solely for Their Own Portfolio”.

“4. Banks’ Order Transmission Intermediation Activities Abroad

Deposit banks or participation banks may not engage in order transmission intermediation activities for shares, and derivative instruments based on shares and share indices, abroad. For their customers who wish to carry out purchase and sale transactions abroad in shares and derivative instruments based on shares and share indices, these banks may act as intermediary in opening accounts with brokerage firms authorized by our Board to engage in foreign trading intermediation activities, with which they have signed order transmission intermediation agreements, or may transmit orders to such firms.”

The current version of the Guide is published on Board’s website.

Click here to access the Guide.

Announcement Made Pursuant to the Board Decision-Making Body’s Decision dated 17/06/2026 and numbered 37/1118:

It has been decided to publicly announce that Article 1 of the Board Decision-Making Body’s Decision dated 27.02.2015 and numbered 5/263 (announced in the Board Bulletin dated 27.02.2015 and num-bered 2015/5) has been amended to read as follows: “Without prejudice to the matters set out in our Board’s Decision dated 27.11.2017 and numbered 43/1445 regarding the prohibition on spot or derivative transactions based on crypto assets, purchase and sale transactions relating to exchange-traded funds traded on foreign exchanges are not within the scope of the Communiqué, and may be carried out by in-vestment firms in accordance with the provisions on order transmission intermediation or trading interme-diation under the Communiqué No. III-37.1 on the Principles Regarding Investment Services and Activities and Ancillary Services.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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