Turkish company Mavi hires Goldman Sachs, Bank of America for IPO
Turkish denim brand Mavi is on its way to launching its first IPO.
The Akarlilar family and Turkven Private Equity, the owners of Mavi, mandated Goldman Sachs and Bank of America for the IPO listing, after meeting with banks and advisers since February 2016. According to Bloomberg, the IPO could value the company at $800 million.
Several parties are silent on the deal, which means Mavi may postpone or cancel its IPO, much like Neiman Marcus that withdrew its initial public offering in January after two years. In addition, the IPO could be one of the largest for Turkish brands if the launch is finalized.
Mavi, which means 'blue' in Turkish, is the latest clothing company to mull over an IPO. Canada Goose recently launched its IPO and priced its shares at C$17 ($12.78 per share). In February, J.Jill launched 11.67 million shares on the New York Stock Exchange for its IPO, and Aritzia closed its IPO on the Toronto Stock Exchange in October 2016.
Also, Snap Inc., the owner of social media app Snapchat, raised $3.4 billion in IPO in March.
Founded by the Akarlilar family in 1991, Mavi operates close to 400 stores in 50 countries. The company sold a 50% stake to Turkven Private Equity in 2008.
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