Turkey’s Second Biggest E-Commerce Platform Files for Nasdaq IPO


Turkey’s second biggest online shopping platform by market share applied to list its shares on Nasdaq amid a flurry of investor interest in the nation’s burgeoning start-up scene.

Hepsiburada.com, formally known as D-Market Elektronik Hizmetler ve Ticaret AS, plans to sell shares on the tech-heavy U.S. equity gauge, according to the company’s prospectus filed to Securities and Exchange Commission on May 28. The company didn’t specify how many shares it plans to sell or when.

The filing comes as revenue more than doubled last year as coronavirus measures led to a surge in online shopping. And it follows a string of Turkish tech deals that have attracted strong international interest in recent years, with valuations reaching billions of dollars.

Peak, a Turkish casual games maker, was sold to Zynga Inc. for $1.8 billion last year while Getir, a quick grocery delivery app, is seeking funds in a round that may raise its value to more than $7 billion from $2.6 billion in February. Trendyol, the biggest e-commerce marketplace in Turkey backed by Chinese online giant Alibaba Group Holding Ltd., is in talks with investors for new funds that could see its value rise to more than $15 billion from $9.4 billion earlier this year.

Hepsiburada.com hired Morgan Stanley, JPMorgan Chase & Co., Bank of America Securities, UBS Investment Bank and Goldman Sachs Group Inc. to arrange the deal.

The company is 75% owned by the four daughters of businessman Aydin Dogan, founder of Dogan Sirketler Grubu Holding AS, 24.6% of which is held by founder Hanzade Dogan Boyner. Franklin Resources Inc. owns the remaining 25%.

Highlights from the company prospectus:

  • Revenue rose to 6.4 billion liras ($750 million) in 2020 from 2.6 billion liras a year ago. The company reported a total loss of 476 million liras last year, up from 133 million liras in 2019
  • Gross merchandise value, a measure of total value of products and orders through its marketplace platform, rose to 17 billion liras from 9 million customers in 2020 from 8 billion liras from 6.5 million users a year ago
  • The company said its market share was around 17% last year, citing data from Arthur D Little Inc.
  • Liabilities rose to 2.7 billion liras in 2020, including 2 billion liras in payables and 347 million liras in bank loans, from 1.2 billion liras in 2019

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