Hepsiburada is one of the Turkey's largest e-commerce platform that allows consumers to order items ranging from groceries and essentials to airline tickets with nine million active customers.
Shares of Hepsiburada rose more than 6 percent in their US stock market debut, giving the Turkish e-commerce platform a market capitalisation of $3.65 billion in one of the busiest weeks for the US capital market this year.
Hepsiburada's American Depositary Shares (ADS) on Thursday opened at $12.75, compared with their initial public offering (IPO) price of $12 per ADS.
Each ADS represents one Class B ordinary share.
The company sold 56.7 million ADSs earlier in the day to raise more than $680 million, with existing shareholders putting up a little over 15 million of the shares on offer.
Hepsiburada becomes the first Turkish company ever to be listed on @Nasdaq. This would not have been possible without the passion and dedication of our employees, merchants and the support of our customers. To you all – thank you. We look forward to seeing what comes next #HEPS— Hepsiburada (@hepsiburada) July 1, 2021
9M active customers
Founded in 2000, Hepsiburada allows consumers to order items ranging from groceries and essentials to airline tickets on its online platform.
The company launched its marketplace in 2015 and has an in-house logistics network. It had 9 million active customers in 2020, a regulatory filing showed.
Hepsiburada's revenue and gross merchandise value, which refers to the total value of products sold, more than doubled in 2020 compared with a year earlier, the filing showed.
The company enters the US stock market in one of 2021's busiest weeks for market debuts. Chinese ride-hailing giant Didi Global Inc's debut on Wednesday marked the biggest US listing by a Chinese company since 2014.
Morgan Stanley, JP Morgan, Goldman Sachs & Co, BofA Securities and UBS Securities were the underwriters for Hepsiburada's offering.
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Welcome to the @Nasdaq family, @Hepsiburada!👏— Nasdaq (@Nasdaq) July 1, 2021
Now trading: $HEPS #NasdaqListed pic.twitter.com/A6ijoztyr1