Turkey's world-renowned textile brand Mavi Jeans, famously worn by celebrities like Lady Gaga, Adriana Lima, and Richard Branson, is said to have hired the Goldman Sachs Group Inc. and Bank of America Corp. to work on an initial public offering (IPO), as reported by Bloomberg.
Turkven Private Equity, Turkey's first private equity company, which holds a 50 percent stake in the company, and the Akarlılar family, the founders of Mavi Jeans, has reportedly mandated the two banks for the listing.
The company was valued at around $800 million, including debt, according to Bloomberg.The decision regarding the IPO, however, has not been finalized yet, meaning, the owners may cancel or postpone a listing.
If Mavi Jeans goes public, the listing could be one of the largest Turkish IPOs in recent years. Companies traded at Borsa Istanbul, Turkey's benchmark index, secured around TL 343 million (over $100 million according to the USD/TL exchange rate at the time) in total revenues in 2016 and TL 110 million in 2015, Borsa Istanbul data showed.
Founded in 1991, Mavi Jeans has market presence in the U.S., Canada, Germany, Australia, Russia and the Netherlands. The company has flagship stores in New York, Vancouver, Berlin and Frankfurt. The Turkish firm has more than 390 stores and is available at 5,000 different locations in 50 countries. Turkven Private Equity had acquired its 50 percent stake in Mavi Jeans back in 2008.