By its decision published in the Bulletin of 11 November 2021 and n ° 2021/57 (“Decision“), the Capital Markets Board of Turkey (“CMB“) has decided that sales can begin until December 1, 2021 for IPOs (“IPO“) to intervene with offer circulars relating to the 2021 half-year accounts.

What does the decision say?

According to the Decision, the 2021 half-year accounts may be used to prepare the prospectus if the start of the sale occurs between August 16, 2021 and December 1, 2021.

In addition, for IPOs of the same period, the CMB has extended the period for presenting the financial statements used in the following period (i.e. the financial statement for the interim nine-month period) as an addendum to the offer circular for offers to sell which begin after the end of the relevant sale period, from 15 days to 30 days (i.e. the sale can begin until as of December 31, 2021).

The CMB previously extended the sale periods for IPOs with offering circulars covering financial statements for the past three years through July 14, 2021. You can find our relevant legal alert here.


In light of market activity and the surprisingly busy IPO pipeline, CMB continues to provide flexibility for IPOs and promote market activity.

The content is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This may be termed a “lawyer advertisement” requiring notice in some jurisdictions. Past results do not guarantee similar results. For more information, please visit: www.bakermckenzie.com/en/disclaimers.


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