ISTANBUL, Jan 26 (Reuters) - Turkey’s Capital Market Board has approved an initial public offering of Sabanci Holding’s Enerjisa joint venture, a 20 percent stake sale valued at up to 1.77 billion lira ($474 million).
In an announcement on Thursday, the Capital Markets Board said 212.6 million shares, or 18 percent of the company’s shares, would be offered to the public. An additional 2 percent, or 23.6 million shares, would be offered through an over-allotment.
The shares would be valued at between 6.25 and 7.50 lira a share, it said.
That would value the IPO at up to 1.77 billion lira ($474 million) giving Enerjisa a market value of nearly $2.4 billion, according to Reuters calculations. ($1 = 3.7383 liras) (Reporting by Ceyda Caglayan; Writing by Ali Kucukgocmen; Editing by David Dolan)