The Turkish government has announced the price range for the initial public offer (IPO) of shares in the country’s dominant wireline operator, Turk Telekom, valuing the company at around TRY16.45 billion (USD12.85 billion). The government has set a price range of TRY3.90 to TRY4.70 for the sale of a 15% stake in the telco; this may rise to 17.25% including an over allotment option. The bulk of the offering will be aimed at foreign institutional investors, Reuters reports. The Turkish government currently owns 45% of Turk Telekom, with the remaining 55% held by Dubai-based Oger Telecom. The IPO is set to go ahead despite a recent 22% tumble in Istanbul’s main stock index.
Meanwhile, Turk Telekom has announced that Turkey was home to more than five million ADSL broadband internet customers by the end of 2007, up from around 2.8 million at end-2006.