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New Priority Criteria Set for IPO Applications!

  • 3 days ago
  • 2 min read

Under principal decision No. 51/1568 dated August 27, 2026, published in the Capital Markets Board (“CMB”) Bulletin No. 2026/53 dated August 27, 2026 (“Principal Decision”), new criteria have been established for prioritizing the review and conclusion of initial public offering (“IPO”) applications of non-public companies.

Pursuant to the Principal Decision, the CMB announced that IPO applications of the companies that meet specified criteria will be prioritized, irrespective of the application order published on its official website.

Which Companies May Benefit from Priority Review?

To benefit from the priority mechanism, a non-public company must satisfy at least one of the following criteria and submit a priority request to the CMB:

  • City-Priority Debut IPOs: Being the first company to go public and trade on the stock exchange from a city where its headquarters and the factories, production facilities, or service offices generating more than 50% of its revenue are located, provided that there has been no change in these locations during the preceding five years;

  • Publicly Controlled Companies: Companies whose management control is directly or indirectly held by the Ministry of Treasury and Finance of the Republic of Türkiye, Türkiye Wealth Fund Management Co., or public institutions; or

  • Large-Scale and Internationally Oriented IPOs: Offerings where the market value of the shares to be offered exceeds TRY 15,000,000,000 (fifteen billion Turkish Liras), at least a 50% allocation is reserved for foreign investors, and a draft set of documents prepared in a foreign language is submitted to the CMB to execute the offering in compliance with generally accepted international regulations as well as the Capital Markets Law and relevant secondary legislation.

Conclusion

This framework aims to support the development of capital markets across different cities in Türkiye, facilitate IPOs of publicly controlled companies, and encourage high-volume offerings targeting international investors.

Companies preparing for an IPO should assess whether they qualify for priority review under the CMB’s new criteria and adapt their filing strategies accordingly. However, we must note that priority review merely provides an opportunity for expedited evaluation by the CMB and does not constitute a guarantee of approval for the IPO application.


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