Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Turkish real estate investment trust Emlak Konut (IST:EKGYO) has successfully completed the initial public offering of real estate certificates for its Damla Kent project, raising 21.41 billion lira ($525.8 million).
The offering saw strong investor demand, with the sale covering 1.92 billion certificates plus an additional 897.1 million in overallotments, all priced at 7.59 lira per certificate, according to bookrunner Halk Yatirim Menkul Degerler in a stock exchange statement.
Demand for the base offer reached 1.87 times the available certificates, with investors seeking a total of 3.60 billion certificates.
The Turkish Capital Markets Board had approved the issuance on July 24, with the first stage expected to raise 14.60 billion lira to cover 1,540 residential units. The offer was expanded to include an additional 674 units, bringing the total fundraising to 21.41 billion lira.
Emlak Konut REIT plans to use the proceeds to finance the construction of 2,214 residential units in the Damla Kent project.
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