ISTANBUL, May 14 (Reuters) - Turkish discount grocer Sok Marketler on Monday raised 2.3 billion lira ($531 million) in an initial public offering, after being forced to cut the price and extend the bookbuilding amid weakening demand for new listings.
Sok, whose largest shareholder is the investment arm of food giant Yildiz Holding, said it priced the offering at 10.5 lira a share, the top of its reduced range of 10-10.5 lira.
Last week it cut the price by a quarter and said its top shareholder had placed an order for another $100 million shares, moves designed to boost demand.
The outlook for its IPO was clouded after two clothing retailers, Beymen Magazacilik and DeFacto, cancelled plans to list in recent weeks, citing low demand. The cancellations also coincide with a downturn in Turkish equity prices after shares reached a record high in January.
Sok’s book was oversubscribed and 85 percent of the shares was sold to foreign investors, while the remainder was bought by domestic investors.
Shares of Sok will start trading on May 18. ($1 = 4.3280 liras) (Reporting by Ezgi Erkoyun; Editing by David Dolan)