London flotation worth $1.5 bn
LONDON — Digiturk, Turkey’s largest paybox, is mulling a $757 million ($1.5 billion) flotation on the London Stock Exchange.
Up to 30% of the company will be floated, with Lehman Bros. and Credit Suisse in the frame to advise on the IPO, according to a report in London newspaper the Times.
Execs at both banks admit they have had advanced discussions with Digiturk execs, although they add that no mandate deal has been inked yet.
Digiturk has over a million subscribers and more than 130 multi-media channels, including exclusive rights to Turkey’s soccer league and cup matches.
Potential listing the London Stock Exchange comes a year after Providence Equity Partners, a private investment firm, picked up 47% of Digiturk from Cukurova, the Turkish holding company that retains the controlling share.
Execs at Digiturk and Providence were keen to downplay the Times report. “Our board of directors are looking at alternative means to raise financing, although there has been no final decision made yet with relation to the IPO,” said Sedat Gumusoglu, Digiturk’s CFO.