Hepsiburada, one of Turkey’s largest ecommerce companies are slated to go public via a U.S. IPO.
The company also formally known as D-Market Elektronik Hizmetler ve Ticaret AS, plans to sell shares on the tech-heavy U.S. equity gauge, according to the company’s prospectus filed to Securities and Exchange Commission on May 28. The company didn’t specify how many shares it plans to sell or when.
The filing comes after the company saw record growth during the coronavirus pandemic, following a slew of Turkish tech deals.
Hepsiburada hired Morgan Stanley, JPMorgan, Bank of America Securities, UBS Investment Bank and Goldman Sachs. to arrange the deal.
- Revenue rose to 6.4 billion liras ($750 million) in 2020 from 2.6 billion liras a year ago. The company reported a total loss of 476 million liras last year, up from 133 million liras in 2019
- Gross merchandise value, a measure of total value of products and orders through its marketplace platform, rose to 17 billion liras from 9 million customers in 2020 from 8 billion liras from 6.5 million users a year ago
- The company said its market share was around 17% last year, citing data from Arthur D Little Inc.
- Liabilities rose to 2.7 billion liras in 2020, including 2 billion liras in payables and 347 million liras in bank loans, from 1.2 billion liras in 2019