[Last updated: 1 January 2024, unless otherwise noted]
To qualify for listing on the main operations market of Borsa Istanbul (formerly, the Istanbul Stock Exchange), a company typically must meet at least one of the following tests:
[Last updated: 1 January 2024, unless otherwise noted]
The Listing Directive allows dual-listing of capital markets instruments traded on foreign exchanges determined by Borsa Istanbul without seeking any further condition, provided that the relevant prospectus or issuance certificate is approved by the CMB.
Share price. There is no minimum closing or offering price for shares to be listed. However, the market value of shares offered by the issuers to be listed on the BIST Star Market cannot be lower than TRY1 billion (approx. US$33.9 million); the market value of shares offered by the issuers to be listed on the BIST Main Market cannot be lower than TRY250 million (approx. US$8.48 million) and the market value of shares offered by the issuers to be listed on the BIST Sub-Market cannot be lower than TRY100 million (approx. US$3.39 million (increased from TRY40 million (approx. US$1.36 million)).
No shareholding requirement. There is no general shareholding requirement for being a shareholder of a public company in Türkiye (though shareholding requirements may apply when holding qualified shares in public companies that are specifically regulated (such as banks and other financial institutions)).
[Last updated: 1 January 2024, unless otherwise noted]
Listing involves registering the class of securities with the Capital Markets Board (the "CMB"). The CMB will typically review the registration statement, including the prospectus. The following is a fairly typical process and timetable for a listing on Borsa Istanbul.
[Last updated: 1 January 2024, unless otherwise noted]
- There are ongoing financial reporting and independent audit requirements.
- All listed companies are required to disclose their financial statements, footnotes thereto and all material events through the Public Disclosure Platform, an electronic system that uses internet and electronic signature technologies.
- There are certain corporate governance rules governing matters such as shareholder matters and management.
- The foreign issuer must enter into an agreement with a representative in Türkiye which is responsible by law for exercise of financial and managerial rights arising from the issued securities in accordance with the laws of the issuer's home jurisdiction.
- Sanctions are imposed for corrupt trading, including insider trading and market manipulation.
[Last updated: 1 January 2024, unless otherwise noted]
A company seeking to be listed must pay both additional listing fee, trading application fee, annual listing fees and other fees. No fee is charged for the initial listings of shares. Additional listing fee for the new shares issued through capital increase is 0.03% of the nominal value of such shares. The trading application fee is a fixed fee of TRY86,500 (approx. US$2,932). An annual listing fee is applied as (i) 0.005% of the nominal value of the shares listed with Borsa Istanbul and (ii) 0.005% of the annual average market value of the company as at the end of December. Annual listing fee is not charged at the first year of listing. Annual listing fees cannot be less than TRY43,500 (approx. US$1,475) or more than TRY8.69 million (approx. US$294,591). The CMB charges companies (i) a fee of 0.2% of the total offering price and (ii) a fee of 0.2% of the total nominal value of the shares not offered to the public during public offerings. However, for initial public offerings, the CMB charges (i) a fee of 0.1% of the difference between the offering price and the nominal value of the offering shares, and (ii) an additional fee of 0.2% of the total nominal value of the share capital. Moreover, as per the CMB's public announcement dated 24 June 2016, these fees are applied with a 50% discount for the time being. For companies whose registered offices are located abroad, all of the above fees are applied with a 50% discount. Additional costs may include announcement fees and notary fees incurred in relation with the public offering and listing processes.