Offer to the public
- Qualified Investors.
- Less than 150 persons excluding Qualified Investors.
- Except for an IPO, if the aggregate amount of the offer is less than TRY 5.5m, the Turkish Capital Markets Board may grant an exemption.
Admission to trading on a regulated market – Listing
- If, after the conversion of shares which are not traded on the Borsa Istanbul (formerly, the Istanbul Stock Exchange) into traded shares, such shares are offered to public and the ratio of total nominal value of these shares to total nominal value of existing traded shares of the same class is less than 10% on a 12 month rolling basis then the offer to public is exempted from the obligation to prepare a prospectus.
Note that where an offer is exempted from the obligation to prepare a prospectus, an issue document may still be required and to be approved by the Turkish Capital Markets Board.