Middle East

Turkish online retailer Hepsiburada raises $680 mln in U.S. IPO

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July 1 (Reuters) - Hepsiburada raised more than $680 million in its U.S. initial public offering (IPO) and was aiming for a valuation of more than $3 billion, the Turkish e-commerce platform said on Thursday.

The company priced its offering of 56.7 million American Depositary Shares (ADS) at $12 apiece. It had previously set a target range of $11 to $13. Existing investors sold a little over 15 million shares as part of the offering.

Founded in 2000, Hepsiburada allows consumers to order groceries and essentials and buy airline tickets among others on its platform.

The company launched its marketplace in 2015 and has an in-house logistics network. It had an active 9-million strong customer base in 2020, a regulatory filing showed.

Hepsiburada's revenue and gross merchandise value, which refers to the total value of products sold, more than doubled in 2020 compared to a year earlier, the filing showed.

Shares of the company will start trading on the Nasdaq on Thursday, under the ticker symbol "HEPS".

Morgan Stanley & Co, J.P. Morgan Securities, Goldman Sachs & Co, BofA Securities and UBS Securities are the bookrunning managers for the offering.

Reporting by Noor Zainab Hussain and Sohini Podder in Bengaluru; Editing by Shinjini Ganguli

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