[Last updated: 1 January 2024, unless otherwise noted]

Initial Listing

Initial listing applications are submitted to Borsa Istanbul together with documents including:

• An information form containing detailed information on the company's corporate structure and operations.
• Articles of association approved by the CMB.
• A legal due diligence report prepared by independent legal counsel.
• If the issuer is subject to the jurisdiction of an industry regulator, a statement from such regulator relating to its approval of the issuer's listing.
• Financial statements and independent audit reports to be included in the prospectus. For companies which will conduct a public offering through a capital increase or sale of the existing shares to the public:

Link to Table

• Draft prospectus (or issuance certificate).
• Copies of agreements with a Turkish broker.
• A signature circular of the issuer's authorized signatories.
• A copy of the corporate resolution of the issuer's authorized body pertaining to the issuance of securities.
• Price determination report.

In an initial listing application, the reporting periods of the financial statements to be presented to Borsa Istanbul must be identical to those in the prospectus relating to the public offering.

Depending on the type of securities and the company's structure, Borsa Istanbul may add or delete items contained in the list of documents above.

Link to Timetable

Although the timetable is typical for listing a foreign company on the Borsa Istanbul Equity Market (BIST Star Market), the time required will depend on the substance and quality of the applications submitted both to the CMB and Borsa Istanbul, whether these institutions require further information or documentation, and the workload of these institutions.

Additional listing

Companies whose shares are already listed on Borsa Istanbul must also register new shares issued by way of a capital increase with Borsa Istanbul. In this case, the new shares are listed automatically upon the registration of new capital with the relevant trade registry without any further actions.

Other

Prospectus. A public offering prospectus must include corporate information, including the company's history, development and operations, risk factors, basic information on its corporate governance, approximate timeline for the offering, selected financial information, and information on its financial statements, shareholding structure, current indebtedness, reason for the public offering, the proposed use of the proceeds, financial condition, key personnel, related parties, and any other additional information (such as its capital and the material provisions of the articles of association) reasonably necessary to enable a prospective investor to assess the merits of the issuer and the proposed investment.