Turk Telekom IPO raises USD1.9bn

The initial public offering (IPO) of shares in Turkey’s dominant fixed line operator, Turk Telekom, has been priced at TRY4.6 (USD3.64) a share, near the top of its initial range. The sale of a 15% stake in the telco will raise around TRY2.42 billion for state coffers, Reuters reports. An over-allotment option was not used, and with the main Istanbul index having dropped 24% this year, the amount raised was well below the government’s original forecast of TRY3.9 billion. Turk Telekom shares will start trading on the Istanbul Stock Exchange on 15 May.