Quasar
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By Seda Sezer and Asli Kandemir
(Reuters) - Turkish Aerospace Industries Inc (TAI), which supplies F-16 warplanes and other military aircraft, plans to hold an initial public offering in 2013, three sources with knowledge of the firm's plans told Reuters.
"This is a sizeable deal. We are talking about a valuation of a couple of billion dollars," one of the sources said.
Ankara-based TAI was established to co-produce General Dynamics/Lockheed Martin's F-16 aircraft for the Turkish Air Force in 1984. TAI's current shareholders are the Turkish Armed Forces Foundation, the Undersecretariat for Defence and the Turkish Aeronautical Association.
Another source said the process was in its early stages and it was uncertain how much of a stake would be sold.
The company has hired Is Investment to manage the process, the sources said.
Turkey has been campaigning for companies to hold IPOs in the last couple of years as part of a plan to expand its capital markets to support the growing economy.
Turkish gross domestic product surged more than 8 percent last year, Deputy Prime Minister Ali Babacan said on Jan. 31.
The International Monetary Fund on Friday raised its forecast for Turkey's 2012 gross domestic product growth to 2.3 percent, a sharp revision from the 0.4 percent growth it had forecast in January.
Finance Minister Mehmet Simsek said in October that Turkey is targeting $10.5 billion in state asset sales in 2012.
UPDATE 1-Turkish F-16 maker TAI plans IPO in 2013 -sources | Reuters
(Reuters) - Turkish Aerospace Industries Inc (TAI), which supplies F-16 warplanes and other military aircraft, plans to hold an initial public offering in 2013, three sources with knowledge of the firm's plans told Reuters.
"This is a sizeable deal. We are talking about a valuation of a couple of billion dollars," one of the sources said.
Ankara-based TAI was established to co-produce General Dynamics/Lockheed Martin's F-16 aircraft for the Turkish Air Force in 1984. TAI's current shareholders are the Turkish Armed Forces Foundation, the Undersecretariat for Defence and the Turkish Aeronautical Association.
Another source said the process was in its early stages and it was uncertain how much of a stake would be sold.
The company has hired Is Investment to manage the process, the sources said.
Turkey has been campaigning for companies to hold IPOs in the last couple of years as part of a plan to expand its capital markets to support the growing economy.
Turkish gross domestic product surged more than 8 percent last year, Deputy Prime Minister Ali Babacan said on Jan. 31.
The International Monetary Fund on Friday raised its forecast for Turkey's 2012 gross domestic product growth to 2.3 percent, a sharp revision from the 0.4 percent growth it had forecast in January.
Finance Minister Mehmet Simsek said in October that Turkey is targeting $10.5 billion in state asset sales in 2012.
UPDATE 1-Turkish F-16 maker TAI plans IPO in 2013 -sources | Reuters
