Turkey’s Hepsiburada valued at $3.8 bln in strong Nasdaq debut – Reuters

Turkey’s Hepsiburada valued at $3.8 bln in strong Nasdaq debut – Reuters

Hepsiburada's American Depositary Shares (ADS) opened at $12.75 and closed the day at $13.43, above their initial public offering (IPO) price of $12 per ADS.

Hepsiburada, the first Turkish company listed on the Nasdaq exchange, sold 56.7 million ADS earlier in the day to raise more than $680 million, with existing shareholders putting up a little over 15 million of the shares on offer.

Founded in 2000, Hepsiburada operates online platforms on which consumers can order items ranging from groceries and essentials to airline tickets. The company launched its marketplace in 2015 and has an in-house logistics network, touting that 64% of its orders are delivered the next-day.