A Sabancı Holding company, the electricity distribution and sales unit of Enerjisa has applied to the Capital Markets Board (SPK) for the initial public offering of Enerjisa Enerji A.Ş. The statement released by the Enerjisa Enerji A.Ş. on the Public Disclosure Platform announced that the company submitted a proposal to start trading on the stock exchange to the SPK.
According to the proposal, the company is planning to sell a 20 percent stake on the IPO. Currently, Sabancı Holding has a 50 percent stake and the remaining 50 percent stake is owned by DD Turkey Holdings, owned by the German-based E.ON. If all of the shares to be traded on the stock market are sold, Sabancı Holding and DD Turkey will continue to equally hold 41 percent stake in Enerjisa. Moreover, if the additional shares are also sold on the IPO, Sabancı Holding and E.ON subsidiary DD Turkey will each have 40 percent shares in the company.
The U.S. based credit rating agency confirmed the company's credit rating at AA and its outlook as stable. Following the IPO news of Enerjisa, Sabancı Holding shares currently traded on the Borsa Istanbul's benchmark index BIST 100 increased by 4.5 percent at the early morning session, recording the highest raise on BIST. In August, Enerjisa divided its distribution and generation units. According to the latest organizational amendment, which was introduced in accordance with the IPO plan, distribution and retail sales units came under the Enerjisa Enerji while, power generation and electricity and natural gas wholesale companies are united under Enerjisa Üretim. Enerjisa Chief Financial Officer (CFO) Sascha Bibert previously said that the company is planning an IPO in the third quarter after the reorganization. Before Enerjisa IPO news hit the wires, SPK Chair Vahdettin Ertaş also announced that mega-scale IPOs, which will amount to billions of dollars, would take place in the Turkish stock market in the upcoming weeks.
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