Restaurant chain BigChefs going public

Turkish restaurant chain BigChefs is set to launch an initial public offering (IPO) this week with the book building for the shares to be offered at 22.5 Turkish Liras per share taking place between May 3 and May 5.

BigChefs operate a network of 100 outlets in Türkiye and abroad as of end 2022, serving more than 12 million people.

The company's revenues in the 2022 fiscal year, ending Dec. 31, rose by 222 percent to reach 895 million liras ($46 million).

BigChefs's net income in the fiscal year was 105 million liras.

The issued capital will be increased from 100 million liras to 107 million liras through the IPO.

Following the IPO, 31.78 percent of the company will start to trade on Borsa Istanbul. If the green shoe option is exercised for the nominally valued 3 million liras of shares, the free float will increase to 34.58 percent.

They plan to use the funds to be generated from the IPO to finance the company's growth, said Gamze Cizreli, the chair of the executive board of BigChefs.