ISTANBUL, March 14 (Reuters) - Turkey’s Gozde Girisim will hold an initial public offering for up to 35 percent of its discount retailer unit Sok Marketler, it said on Wednesday, in what is widely expected to be one of Istanbul’s top flotations this year.
A draft prospectus said the IPO would be completed in May 2018, with the proceeds to be used to pay back debt. The IPO would be for 18.75 percent of Sok, with an offer of an additional 16.25 percent, Gozde said.
It said it had applied to Turkey’s Capital Markets Board for the offering.
Sok’s IPO might be in the range of $700 million to $1 billion, with 35-40 percent of the firm listed on the stock exchange, a source told Reuters last month.
Sok, with more than 4,700 stores and 21,000 employees, is one of Turkey’s biggest discount retailers, selling groceries, fresh produce and household items.
It is 39 percent owned by Gozde, the investment arm of food giant Yildiz Holding, and half owned by a Netherlands-based investor consortium. A private equity fund run by Templeton Asset Management also holds 10 percent. (Writing by Daren Butler; Editing by David Dolan)