The Turkish Capital Markets Board has approved Turkey-based Kocaer Çelik’s public offering application, SteelOrbis learned. Accordingly, the company will offer its shares with a nominal value of TRY 46,750,000, to the public with a fixed price and the best underwriting method. If the final demand collected on June 22-24 is more than the amount of shares offered for sale, it is planned to add a total of TRY 9.350.000, corresponding to 20 percent of the shares offered to the public belonging to the current shareholder, Hakan Kocaer, to the total share amount. With the additional sale, the total share can be increased to TRY 56,100,000.
The free float rate of 20.02 percent will be 24.02 percent when additional sales are included. The public offering price is at the level of TRY 27.50.
The company will spend 65-70 percent of its public offering revenues on investment expenditures, including renewable energy and value-added new products, and 30-35 percent on working capital to strengthen its financial structure, SteelOrbis understands.
Kocaer Çelik has three steel profile plants, one galvanizing plant and one steel service center facility.