Ran Logistics now trades on İMKB

Ran’s subscription to the exchange is the first IPO in the last 18 months.

After the launch of IPO mobilization by the İMKB on Oct. 19, Ran became the first company to offer its stocks to the public. Ran opened 25.19 percent of its shares to trade on the İMKB between Oct. 26 and 28. The shares drew a demand worth TL 9.15 million in the first 49 seconds of the first day’s offering, which the value of the stocks from their initial level of TL 2.86 to TL 3.16. Total demand on the first day reached TL 21 million. Encountering two-to-three times as much demand as anticipated, Ran sold 87.5 percent of its total shares planned to be offered to the public on the first day. Ran shares sold at a base price of TL 3.48 on the second day. Total revenue from the two-day sale was announced as TL 10.24 million.

In a written statement released on Friday through the Public Disclosure Platform (KAP) of the İMKB, the Equity Market Directorate of the İMKB announced the capital of the company as TL 12.7 million, the amount of its shares open to the public as 25.19 percent and the base price per share as TL 3.48. As of Friday, shares were traded under the symbol “RANLO” on the Second National Market index of the İMKB.

İMKB president calls for more companies to launch IPOs

To celebrate the company’s IPO and İMKB listing, İMKB President Hüseyin Erkan together with Ran Logistics Chairman Ramiz Benli rang the İMKB opening bell on Friday. Speaking at the ceremony of Ran Logistics A.Ş.’s first day of trading on the İMKB, Erkan said on Friday that the number of firms launching IPOs has been on a significant decline for a while due to adverse impacts of the global financial crisis that began in 2008 and persisted throughout 2009. Recalling that Ran’s opening to the public is the first IPO of the year, he noted that they would speed up efforts to ensure more companies launch IPOs, saying that the economic environment is ready for such an expansion. One to two more companies are expected to offer their shares for trade on the İMKB by the end of the year, Erkan said, naming İttifak Holding as the first. In accordance with the İMKB’s IPO mobilization project, launched last month, 2010 will see more publicly listed companies, he remarked.

Responding to a question on the role of publicly listed companies in stock market management, referring to remarks of Capital Markets Board (SPK) President Vedat Akgiray, stating that such companies should possess more power both in the markets’ management and ownership, if appropriate, Erkan said the İMKB is a public institution and has no ownership structure. In order to establish such a structure, one giving more power to companies, relevant legislation should be changed. Noting that at least five companies are necessary to establish a sector-specific index, Erkan said they can establish a logistics index if at least three more logistics companies also join the stock exchange. Ran is the second logistics firm on the İMKB after Reysaş.