Deal is Largest Turkish IPO in Nearly Two Years
March 24, 2010 – Lawfuel.com – American Legal Newswire – Chadbourne & Parke represented Koza Gold in its $436 million initial public offering that recently closed on the Istanbul Stock Exchange.
The IPO was the largest IPO in Turkey since the May 2008 deal involving Turk Telecom.
Koza is a leading Turkish gold mining company owned by Koza-Ipek Holding and ATP Inşaat ve Ticaret. It produced approximately 155,000 ounces of gold in the first nine months of 2009.
The Chadbourne team on the IPO included London office partners Claude Serfilippi and Agnieszka Klich and associate Ben Brafman. Senior associate John Dakin from the Kyiv office also worked on the transaction.
Chadbourne has substantial experience working on IPOs in Turkey and around the world. The Firm’s experience in Turkey includes the following IPOs:
Chadbourne represented Albaraka Turk, a leading Turkish participation bank, in connection with its IPO on the Istanbul Stock Exchange and pursuant to Rule 144A and Regulation S. The IPO was worth about $171 million and closed in June 2007.
Chadbourne represented Bank Asya in an IPO in May 2006. The deal attracted orders some 50 times larger than the issue. The bank ended up raising about $160 million from the sale of about 60 million shares — about 20% of its total stock. Its post IPO-valuation was approximately $800 million.
Chadbourne represented Vestel White Goods, a Turkish white goods manufacturing company, in connection with a $140 million IPO that closed in the second quarter of 2006.
“This latest IPO transaction demonstrates the strength of Chadbourne’s London office and our European office network as well as our particular strength in emerging markets, like Turkey,” said Mr. Serfilippi, a capital markets specialist.