Get the equity story right and the rest will follow. It worked for Türk Telekom’s recent initial public offering (IPO), Turkey’s largest ever and its first of this year. Although this was a privatisation and a household name, the markets have not been kind to Turkish IPOs this year and Türk Telekom has got a history of failed privatisation attempts. The emerging markets equity capital markets (ECM) team at Deutsche Bank navigated those rapids to raise $1.9m for 15% of the firm, at a price near the top of the range.
