By Bosphorus News Economy Desk
Secondary share sales in Türkiye reached roughly $1.6 billion by mid-September 2026 as investment banks arranged more equity deals in Istanbul while initial public offerings across Gulf markets slowed.
Bloomberg data reported on Sept. 14 ranked HSBC first in Türkiye's secondary share sales, with seven transactions totaling $552 million this year. The bank handled two such deals worth $260 million in 2025. Bloomberg described the wider $1.6 billion market total as almost double last year's level.
Three large Borsa Istanbul transactions reviewed by Bosphorus News generated about $349 million combined, equivalent to roughly 22% of the $1.6 billion total.
Astor Holding sold 59.75 million shares in Astor Enerji in April, equivalent to about 5.99% of the company's issued capital. The placement with institutional investors outside Türkiye generated approximately 11.2 billion Turkish liras, or about $250 million at the exchange rate at the time. Citigroup Global Markets and HSBC acted as joint global coordinators and bookrunners. Astor Enerji received no proceeds from the sale.
Eczacıbaşı Holding sold 22.5 million shares in Eczacıbaşı İlaç the same month through an accelerated bookbuilding process for institutional investors outside Türkiye. The transaction raised about 2.1 billion liras, or roughly $47 million at the exchange rate at the time, with HSBC serving as sole global coordinator and bookrunner. Eczacıbaşı İlaç also received no proceeds.
OYAK followed in June with the sale of 716.55 million Hektaş shares to institutional investors in Türkiye and abroad. The placement represented 8.5% of Hektaş's issued capital and generated approximately 2.43 billion liras, or about $52 million at the exchange rate at the time. Investor demand led OYAK to increase the transaction by a nominal 126.45 million liras during bookbuilding. HSBC acted as sole global coordinator and bookrunner.
Hektaş did not directly receive proceeds from the placement. OYAK committed to reinvest the full net proceeds through a non-preemptive private placement capital increase, and Hektaş said on July 2 that a 2.38 billion lira capital advance had been transferred to the company's accounts.
Gulf IPO proceeds totaled less than $1.1 billion by mid-September 2026, according to Bloomberg data. Banks that expanded their equity-capital-markets operations during the Gulf listing boom have been seeking mandates in Türkiye, Egypt and India.
HSBC's increased activity comes amid changes to its Turkish operation. The bank said in July it was reviewing its retail business and primarily domestic smaller and mid-sized corporate businesses in Türkiye. Its wholesale Corporate and Institutional Banking operations are outside that review.
Sources: Bloomberg, Public Disclosure Platform (KAP), HSBC Holdings, Central Bank of the Republic of Türkiye (CBRT), Bosphorus News review and reporting.