The CEO of Turkish e-commerce startup Trendyol, which Chinese internet behemoth Alibaba funds, has said that the company intends to go public in New York or London with a dual-listing IPO when its income from overseas sales reaches 30 to 35 percent of overall revenue.
Trendyol, one of Turkey’s most well-known e-commerce platforms, has attracted the attention of international investors and has established a dominant position in the country’s fragmented e-commerce sector.
“Before a public offering, we want to see international income, which is now approximately 5 percent of overall sales, increase to 30 to 35 percent,” Trendyol Group President Caglayan Cetin said in an embargoed statement late on Tuesday.
Certin also said that the business intends to go public in 2024-2025 but that teams are working hard to push the IPO forward as soon as possible, maybe as early as next year.
“Our ultimate goal is to go public via an initial public offering.” We’ll use the dual-listing strategy in this case… One arm will be based in Turkey (in the Istanbul stock market), while the other might be in London or New York.
Trendyol said in August that it had reached an agreement to raise $1.5 billion from several high-profile investors, valuing the firm at $16.5 billion at the time.
Trendyol is also interested in corporate acquisitions in Turkic nations, the Middle East, or Europe and is considering a spectrum of companies with valuations ranging from $500 million to $6 billion, according to Cetin.
Trendyol’s founders own 20 percent of the company’s stock, including so-called golden shares, while Alibaba owns the remaining 70 percent. General Atlantic, Japan’s SoftBank Vision Fund 2, Germany’s Princeville Capital, and Qatar Investment Authority are the other investors in the project.
On whether a new fundraising round is in the works, Cetin said that there is interest from current and new investors but that the firm must first determine where to focus fresh investments.