The IPO witnessed an unprecedented demand that exceeded expectations by sixfold, attracting participation from more than 3.3 million investors.
Odine, a leading global telecoms partner, proudly announces its commencement of trading on the Borsa İstanbul, BIST Stars market, under the ticker symbol ODINE, effective March 21, 2024.
This milestone follows the successful completion of Odine’s initial public offering (IPO), led by Türkiye Sınai Kalkınma Bankası (TSKB) and co-led by Yatırım Finansman Securities. The IPO, held on March 13-14-15, witnessed an unprecedented demand that exceeded expectations by sixfold, covering 16.3% of the offering. Notably, this remarkable response attracted participation from 3.3 million investors, underscoring the confidence and enthusiasm of stakeholders in Odine’s vision and potential.
Conducted through a combination of share sale and capital increase methods, the IPO offered 44,200,000 TL nominal shares at a price of 30 TL per share. 60% of the shares were allocated to individual investors, 35% to domestic institutional investors, and 5% to foreign institutional investors. Of the demand received, 39.1% came from individual investors, 7.9% from domestic institutional investors, and 33.0% from foreign institutional investors. After the completion of the IPO, shares equivalent to 40% of Odine’s capital have begun trading on the Borsa Istanbul (BIST) Star Market, and the circulating share amount will not be increased for one year.
The proceeds from the IPO will play a pivotal role in fueling Odine’s growth initiatives, particularly in expanding its global presence and driving sustainable telecoms transformation. Odine plans to allocate 52.5-62.5% of the IPO proceeds towards its growth objectives in global markets, ensuring a significant focus on expanding its footprint and capabilities internationally. With a substantial investment committed, the company is poised to enhance its offerings and extend its reach to better serve its valued customers and partners. This strategic allocation underscores Odine’s commitment to innovation and excellence in the telecommunications industry, as it seeks to deliver superior solutions and experiences while fostering sustainable telecoms transformation.
“March 21 marks a key milestone for Odine as we have officially commenced trading on the Borsa İstanbul, BIST Stars market. I’m deeply grateful to our esteemed community for their unwavering support. The overwhelming success of our IPO, with an astounding participation from over 3.3 million investors, truly reflects the profound trust in Odine’s vision and potential With our steadfast commitment to innovation and excellence, supported by our robust financial foundation and debt-free status, we stand primed to foster growth and deliver unparalleled value to our customers, partners, and shareholders. Together, we will continue to redefine the landscape of the telecommunications industry, driven by our dedication to understanding and addressing the dynamic needs of our customers and partners”. – Alper Tunga Burak, CEO, Odine.
This bulletin does not form the basis of any contract, commitment, or investment decision. The decision to purchase the shares of the Company should be made independently and in accordance with the prospectus and Capital Markets Law No. 6362 (“Law”) and the relevant capital markets legislation regulations. The prospectus has been published on the following websites; www.odine.com , www.tskb.com.tr, www.yf.com.tr and www.kap.org.tr each.
