The public offering of the food retail market chain Şok Marketler A.Ş., a subsidiary of Yıldız Holding, has been successfully completed.

In a statement released Monday by Garanti Yatırım to the Public Disclosure Platform (KAP), the final public offering price was determined as TL 10.50 ($2.43) per share.

The demand for the offered shares amounted to $1 billion. The shares offered to the public under the management of Garanti Yatırım and Yapı Kredi Yatırım received demand 1.9 times the allocated shares. With the public offering realized with the capital increase without a joint sale, Şok Marketler increased its capital from TL 360 million to TL 578.5 million, offering a TL 218.5 million stake to the public on May 8-11.

With a size of TL 2.3 billion, Şok Marketler's initial public offering was one of the largest conducted in the last 10 years in Turkey.

Eighty-five percent of the publicly offered shares were sold to foreign corporate investors, while a 15 percent stake, allocated for the domestic parties, was equally distributed among individual corporate investors. According to the statement, foreign corporate investors demanded 1.76 times the allocated shares.

The public offering will bring in a foreign capital of TL 1.95 billion to Turkey. Genesis Investment, the European Bank for Reconstruction and Development (EBRD), Neuberger & Berman, GIC Private Ltd. Scroder Investment Management and Blackrock purchased a share of higher than 5 percent.

Commenting on the successful public offering process, Şok Marketler CEO Uğur Demirel said this interest shown by the investors reveals the trust in the country, sector and company.

The shares of the company are expected to start trading on Borsa Istanbul on Friday, May 18 with the SOKM transaction code.