Turkey-based Palmet Enerji said it had hired Garanti Yatirim Menkul Kiymetler and BGC Partners to be its advisers for the group's initial public offering. Palmet Enerji, a power generation and gas trading firm, asked the two companies to sell up to 20% of its stake in an IPO set to conducted next year.
Palmet Enerji Chairman and Chief Executive Officer Doganay Samuray told Bloomberg that the share sale could occur in the first or second quarter. He added that they were still in the process of amending its articles of association so that it would comply with the rules set forth by Turkey's capital market authorities.
Samuray, who is also a majority shareholder of Palmet, said they would soon be applying for listing permission with the regulator. "I think interest in our shares will be good as we have seen in a 50 million lira ($25 million) bond sale earlier this month," he added.
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