BVS Cranes issues shares on Turkish stock exchange25 January 2023
Crane manufacturer BVS Cranes is undertaking an initial public offering (IPO) on the Borsa Istanbul, the Turkish stock exchange, on the 26, 27 and 30 January.
Following the IPO, organised by Turkish financial institution Tera Investment, BVS Cranes’ free float ratio – the quantity of shares available for public trading – will be 30.6%.
The finances raised by the share offer will be used to further strengthen BVS’s working capital and for investing in a new, large factory in Ankara, which is expected to be operational in the first half of 2023. When complete, it will increase the Turkish company’s capacity and productivity, as well as result in better delivery lead times. It will also further improve BVS’s existing ability to undertake large-scale orders.
BVS Cranes was established in 1985 by Önder Bülbüloglu, president of the board of directors, and as well as operating within Turkey the company exports to 90 countries in six continents.