Eighteen Companies Raise TRY 44bn in Borsa Istanbul IPOs in 2025
In 2025, eighteen companies raised TRY 44bn ($1bn) through initial public offerings (IPOs) on Borsa Istanbul. This follows prior years where 34 companies raised TRY 60bn in 2024, 54 companies raised TRY 79bn in 2023, 40 companies raised TRY 19bn in 2022, and 52 companies raised TRY 22bn in 2021.
A total of 120-130 companies are currently in the IPO queue, but no IPOs occurred between March and September due to monetary tightening and political risks following the jailing of Istanbul mayor Ekrem Imamoglu. The last IPO in 2025 was by renewable energy producer Arf Bio Yenilenebilir Enerji (ARFYE), which sold a 26% stake for TRY 917mn ($21mn) on December 27. The company increased its paid-in capital to TRY 183mn and is involved in biogas production and fertilizer manufacturing.
