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Mobile operator Turkcell set to approach banks over IPO plan for internet unit




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Turkey’s largest mobile operatorTurkcell Iletisim Hizmetleri AS has approached several investment banks for an advisory role on a possible sale of shares at its internet service provider, according to people with knowledge of the matter.

Turkcell started contacting local and international banks to gauge their interest in managing the initial public offering ofSuperonlineIletisim Hizmetleri AS, the people said, asking not to be identified as the process is private. Turkcell could delay the IPO if investor demand is deemed insufficient, three people said.

Turkcell declined to comment. The stock reversed its losses in the wake of the news, rising to 1.2% in Istanbul after its decline hit 2.8% earlier today.

If this were to go ahead, Superonline would become the first listed subsidiary of Turkcell, which is already a state-owned company. This would set another precedent by offering shares in the first local company whose sole activity is providing internet services.

The Turkish sovereign wealth fund holds a 26.2% stake in Turkcell. IMTIS Holding, a unit wholly owned by Russian billionaire Mikhail Fridman’sLetterOne Investment Holdings SA, controls 19.8% and the remainder is traded in Borsa Istanbul.

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