Mobile Operator Turkcell Is Said to Approach Banks on IPO Plan for Internet Unit

Andreas Milano

Photographer: Anadolu Agency/Getty Images Photographer: Anadolu Agency/Getty Images Turkey’s biggest mobile operator Turkcell Iletisim Hizmetleri AS has approached several investment banks for an advisory role on a possible share sale at its internet service provider, according to people with knowledge of the matter. Turkcell has begun reaching out to local […]

Photographer: Anadolu Agency/Getty Images

Turkey’s biggest mobile operator Turkcell Iletisim Hizmetleri AS has approached several investment banks for an advisory role on a possible share sale at its internet service provider, according to people with knowledge of the matter.

Turkcell has begun reaching out to local and international banks to gauge their interest in managing the initial public offering of Superonline Iletisim Hizmetleri AS, the people said, asking not to be identified as the process is private. Turkcell may delay the IPO if investor demand is deemed insufficient, said three of the people.

Turkcell declined to comment. The stock reversed losses following the news, rising as much as 1.2% in Istanbul after its decline reached 2.8% earlier in the day.

Should it go ahead, Superonline will become the first listed subsidiary of Turkcell, which is already a public company. It would set another precedent by offering shares in the first local company whose sole business is providing internet services.

Turkey’s sovereign wealth fund holds a 26.2% stake in Turkcell. IMTIS Holding, a unit wholly owned by Russian billionaire Mikhail Fridman’s LetterOne Investment Holdings SA, controls 19.8% and the rest trades on Borsa Istanbul.

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