The FINANCIAL — The EBRD has invested US$ 82 million in a minority stake in Şok Marketler, a fast-growing Turkish discount grocer. The move supports one of the largest initial public offerings (IPO) on Borsa İstanbul, Turkey’s sole stock exchange.
Șok operates small-format one-stop shops that offer a wide range of products at competitive prices: fruits, vegetables and personal care products. The chain operates 5,100 stores and 24 warehouses. It is part of the Turkish food corporation Yıldız Holding.
The Bank’s investment will help boost the company’s capital structure, support further growth and strengthen its competitive position as one of the leading discount retail chains in Turkey, according to the EBRD.
The EBRD’s backing of Șok’s IPO is also a boost to Turkish capital markets at a time of waning appetite among investors.
The listing raised US$ 531 million.
The Bank is a major investor in Turkey. Since 2009 it has invested €10 billion in various sectors of the Turkish economy, with almost all investments in the private sector.
In 2017 alone, the EBRD invested €1.6 billion in 51 projects in the country. Nearly a third of this financing was provided in Turkish lira.
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