New Listings Ignite Fresh Surge on Borsa Istanbul

After months of hesitation caused by fluctuating market conditions and the absence of the once-familiar ceiling-limit rallies, the IPO landscape in Borsa Istanbul is showing signs of a strong resurgence. Public offerings had essentially paused until September, following an unsteady first half of the year. However, the latest listings have revived the energy that retail investors had long been missing, delivering a string of limit-up sessions reminiscent of previous boom periods.

According to market reporting, the Capital Markets Board (CMB) has received between 120 and 130 IPO applications, underscoring a renewed appetite among companies to enter the public markets despite the broader volatility of 2025.

A Year of High Fluctuation and Selective Success

Since the start of the year, 16 companies have successfully completed IPOs on Borsa Istanbul, including Armada Gıda, whose offering was finalized at the end of the previous year—bringing the total to 17 newly listed companies.

IPO activity halted in February due to diminishing investor demand and turbulent index performance. But by September, the pipeline reopened, and the latest four companies delivered the type of limit-up sequences not seen since the pandemic-driven retail boom.

Ceiling-Limit Series Makes a Comeback

The most notable performance came from Dof Robotics, the first company to list after the six-month break, which closed its opening session with 10 consecutive limit-up gains.
Its momentum was followed by:

• Eco Green Energy with 11 limit-up sessions

• Vakıf Faktoring recorded two limit-ups in its first two trading days

• Pasifik Holding, which opened with a limit-up on its first day
  According to data from the Central Securities Depository (MKK), the combined IPO size of this year’s 16 offerings totaled 40.92 billion TRY, while the number of participating investors reached 5.26 million. Despite these improvements, overall demand remains lower than during the peak years of 2021–2022.

IPO Index Stronger Than the Market

Investor enthusiasm for IPOs gained momentum during the pandemic, driving Borsa Istanbul’s investor base from approximately 1 million to over 8 million at its peak, mainly due to extended sequences of ceiling limit debuts.

But unlike the exuberant years prior, 2025 has been marked by volatility and, in many cases, losses. The BIST100 index has risen only 11.11% year-to-date, whereas the IPO Index surged by an impressive 82.14%.

This remarkable divergence is attributed in part to the long-term inclusion of two IPO stocks within a major fund managed by Tera Investment. Additionally, the renewed wave of listings since September has contributed to the index’s rapid ascent.

Challenging Starts for Early-2025 IPOs

The first half of the year painted a more subdued picture.
Among the 13 companies listed before September:

• Seven achieved a 10% ceiling on day one,

• Three opened below their IPO price, and

• Three delivered less than a 10% gain.

A breakdown of early-year performances includes:

• Armada Gıda: no limit-up

• Ege REIT: single limit-up

• Gülermak: no limit-up

• Akfen Construction: opened at a 10% decline

• Mopaş: one limit-up

• Seranit: four limit-ups

• Bigen: one limit-up

• Destek Faktoring (held by Tera Investment): five limit-ups

• Vişne Mining (removed from the same fund in September): three limit-ups

• Enda Energy: declined 6.25% on day one

• Kalyon Solar: no limit-up

• Balsu: down 1.14% at debut

• Bulls GSYO: three limit-ups

Regulators Signal Faster Approval Pace Ahead

With ceiling-limit performances returning, retail investor enthusiasm is once again rising. According to reporting by Ekonomim, CMB officials expect IPO activity to accelerate.

CMB Chairman İbrahim Ömer Gönül commented that strong investor interest supports faster approvals, adding that the last two IPOs demonstrated sufficient demand. He emphasized the importance of continuous offerings for market dynamism and reiterated that regulators are committed to preventing manipulation and ensuring transparent processes.

Seven of 17 New Listings Now Trade Below IPO Price

Despite the resurgence in ceiling-limit performances, seven out of the 17 companies listed this year currently trade below their IPO prices. Based on last Friday’s closing data, the companies below offer prices include:

• Ege REIT (-79.60%)

• Mopaş (-8.34%)

• Bigen (-18.86%)

• Enda Energy (-12.90%)

• Kalyon Solar (-19.84%)

• Seranit (-28.08%)

In contrast, several stocks trade far above their issue price, led by:

• Destek Faktoring: +1709.28%

• Gülermak: +1055.33%
  Other outperformers include Vişne Mining, Bulls GSYO, Eco Green Energy, Dof Robotics, and Pasifik Holding, all posting significant gains that continue to attract investor attention.