Borsa Istanbul Signals a Strong IPO Revival as 2026 Shapes Up to Be a Banner Year

Borsa Istanbul has entered the new year with rising indices and surging trading volumes, and this renewed momentum is now spilling decisively into the initial public offering market. Early indicators suggest that 2026 is emerging as a potential “IPO year”, fueled by renewed investor appetite, improving market sentiment, and a growing pipeline of companies preparing to go public.

The opening days of the year have already delivered tangible results. Three IPOs have been successfully completed, while another company is set to begin book-building this week. Shares of Arf Bio Enerji, which completed its offering at the end of 2025, have started trading, alongside newly finalized IPOs from Meysu Gıda, Z GYO, and Formül Plastik. Investor demand has been particularly striking, with Meysu Gıda attracting demand 8.5 times the size of its offering.

Early IPO Activity Signals Strong Investor Interest

The momentum in the IPO market is being closely watched by both domestic and institutional investors. Over the last four offerings, the number of participating investors exceeded 500,000, while the total offering size surpassed TRY 4 billion. This level of engagement, while still below the record participation seen in earlier boom years, is widely viewed by market experts as an encouraging sign.

The pipeline remains robust. According to current estimates, 125 companies are awaiting approval from the Capital Markets Board (SPK) to proceed with their IPOs. If favorable market conditions persist, analysts expect 30 to 35 IPOs to be completed in 2026 alone, significantly outpacing last year’s total.

Borsa Istanbul’s Strong Start Boosts IPO Expectations

Borsa Istanbul began the year with record levels and exceptionally high trading volumes. While equity indices underperformed inflation for much of 2025, the new year has brought renewed optimism. Positive inflation data, combined with expectations that the Central Bank will continue its policy rate cuts, has supported market sentiment. Anticipation of increased foreign investor participation has further strengthened confidence.

Despite three simultaneous IPO book-buildings last week, the BIST 100 index recorded trading volumes exceeding TRY 250 billion, signaling strong liquidity and resilience in equity markets. This environment is considered highly supportive of new listings, particularly as companies seek fresh capital for expansion and balance-sheet strengthening.

A Look Back: IPO Performance in 2025

In contrast to the optimism surrounding 2026, only 18 companies completed IPOs in 2025. These offerings collectively raised approximately TRY 45.15 billion (around USD 38 million). IPO activity was initially strong in the first half of the year but was sharply interrupted by market turbulence that began in March 2025. Approvals resumed later in the year, allowing listings to restart in September.

Despite improved macro signals in the second half, overall investor interest remained muted. Equity investor numbers declined by roughly 5%, falling to around 6.5 million, while reduced trading volumes weighed on IPO momentum compared to 2024.

Standout IPOs: Strong Demand and Impressive Performance

Among recent listings, Arf Bio Enerji has drawn significant attention. Offered at TRY 19.50, the stock hit daily price limits throughout its first trading week, closing at TRY 31.34 by January 9. The IPO attracted nearly four times the demand and was allocated to more than 500,000 investors, with a total offering size of TRY 916.5 million.

Meysu Gıda followed with an even stronger reception. The company’s IPO, priced at TRY 7.50, generated demand 8.5 times the offering size and was distributed to 648,003 investors. The total IPO size reached TRY 1.31 billion, and the shares are set to begin trading imminently.

Formül Plastik Sets a 15-Month Record

Formül Plastik’s IPO marked a significant milestone in the market. Priced at TRY 30.24 per share, the offering totaled TRY 1.21 billion and attracted 7.7 times demand. According to the company, this IPO achieved the highest level of investor participation in the past 15 months, with allocations to 688,564 investors.

The company plans to allocate 70% of IPO proceeds toward land and facility investments to expand production and storage capacity, while the remaining 30% will support working capital needs.

Z GYO also completed its offering at TRY 9.77 per share, with a potential IPO size of TRY 825.6 million and a free float ratio of 40.1%. Proceeds will primarily be directed toward debt reduction and investment properties.

A Growing Pipeline and Tougher Listing Criteria

The IPO queue continues to expand. Among the 125 pending applications, the oldest dates back to October 2023, while the most recent was filed in December 2025. The applicants span a wide range of sectors, including tourism, leasing, cement, chemicals, mining, food, gaming, energy, and construction.

However, regulatory conditions have become more stringent. The SPK has increased the balance sheet and revenue thresholds for IPO eligibility by 50% in 2026. Companies must now demonstrate TRY 3.6 billion in total assets and TRY 1.8 billion in annual revenue, up from last year’s requirements of TRY 2.4 billion and TRY 1.2 billion, respectively. While these measures may slow approvals, they are also expected to improve overall IPO quality and investor confidence.

Outlook: Can 2026 Deliver on Expectations?

Market professionals believe that if current momentum is sustained, clearing the existing IPO backlog could still take four to five years. Nevertheless, early-year data suggest that 2026 has the potential to redefine the IPO landscape in Türkiye, driven by higher liquidity, renewed investor participation, and a more disciplined regulatory framework.