Turkish e-commerce platform Hepsiburada became the first Turkish company to be listed on the Nasdaq stock exchange in the US.
Hepsiburada shares (HEPS) increased over 10% in the first day of the IPO, marking a market capitalization of USD 3.65 billion.
The IPO also had the meaning of a successful partial exit for the financial investments sector in Turkey. Franklin Templeton, the only share seller in the IPO and having 25 percent shares in Hepsiburada before,holds 14.6 percent of the company after the listing.
Established in 2000, Hepsiburada has over 33 million members and 250 million monthly visits with a product range of more than 44 million in various categories.