Turkish steel giant Ekinciler rings the bell on Borsa İstanbul at 2.3B TL valuation
What's the deal? Ekinciler Demir ve Çelik Sanayi, a Turkish steel manufacturer with more than 40 years of history, has begun trading on Borsa İstanbul under the ticker "EKDMR." The company's shares opened at 45.00 TL, and its IPO reached a total size of 2.3 billion TL. A gong ceremony on May 22, 2026 marked the listing on the exchange's Star Market (Yıldız Pazar).
During the book-building period from May 13 to 15, investor demand for the 52 million TL nominal offering was roughly 8.29 times oversubscribed. A1 CapitalDealroom has a profile for this one. Try Dealroom → led the consortium managing the deal.
Why now? Borsa İstanbul general manager Korkmaz Ergun said the listing connects one of Turkey's most established industrial companies with the capital markets, giving it fresh funds to accelerate growth. Haluk Ekinci, board member and chief executive, said the proceeds will go toward upgrading production processes, improving energy efficiency, and supporting a sustainable growth strategy.
"Our goal is to bring all our planned new investments to life," Ekinci said at the ceremony.
What could go wrong? Steel is a cyclical industry, highly sensitive to commodity prices, energy costs, and construction demand. Turkey's macroeconomic environment — marked by inflation volatility and currency fluctuations — adds another layer of risk for public-market investors entering at a hefty valuation.
Oversubscription of more than eight times can also fuel an early pop followed by a correction once initial enthusiasm fades.
The signal: Ekinciler's 2.3 billion TL listing adds to a growing wave of established Turkish industrial firms turning to public markets for growth capital rather than relying solely on bank lending. The 8.29-times oversubscription, managed by A1 Capital — an investment fund active in Turkish capital markets — suggests that investor appetite for real-economy, asset-heavy businesses on Borsa İstanbul remains strong despite macroeconomic headwinds. For Turkey's steel sector, the move could set a precedent as other legacy manufacturers weigh similar paths to fund modernisation and energy-efficiency upgrades.
Read more: borsaistanbul.com
