Carlyle-Backed Lingerie Maker Penti Said to Explore Istanbul IPO
Carlyle-Backed Lingerie Maker Penti Said to Explore Istanbul IPO
(Bloomberg) -- Turkey’s top lingerie maker, in which U.S. buyout firm Carlyle Group owns 30%, is exploring going public in Istanbul as early as next year, according to people with knowledge of the matter, setting the stage for a rare initial public offering by a local textile retailer.
Penti Giyim Ticaret AS has approached three financial advisers to manage an IPO and is working to meet regulatory requirements to ready the Istanbul-based company for a potential share sale, said the people, who asked not to be named because the plans are still confidential.
An IPO could take place next year or possibly later, but the timing will depend on investor appetite, the people said. Penti has yet to decide on the size of the stake it may offer, how much money it would seek to raise, or what valuation it aims to achieve, they said.
Founded in 1950 by members of the Kariyo family, who still own 70%, Penti has 300 stores in Turkey and a presence in around 29 countries. An IPO could involve both the sale of some shares by Carlyle and the family, two of the people said.
Penti declined to comment. Carlyle didn’t respond to a request for comment.
Carlyle, which manages about $260 billion in assets globally, invested in the maker and retailer of lingerie and beachwear in 2012 and has recently been seeking to reduce its stake. It paid around $100 million for 30% of Penti and considered an IPO of its minority holding three years ago, according to Reuters.
Should Penti proceed with its plans, it would join a growing list of mid-sized Turkish companies looking to seize on demand from local retail investors by tapping capital markets.
Borsa Istanbul is on track for its busiest year for IPOs since 2010 with 37 completed deals in 2021, according to data from the Turkish stock exchange.
Still, policy uncertainty in Turkey may increasingly become a challenge, with the benchmark Borsa Istanbul 100 Index racking up its longest weekly losing streak since February 2020.
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