Market volatility puts Turkish apparel IPOs on freeze

Turkish retailers DeFacto and Beymen have been forced to cancel their respective initial public offerings of shares (IPOs) due to high volatility in emerging markets.

In a statement to the Istanbul stock exchange issued on May 4, DeFacto’s board announced it “will evaluate the transaction in the future.” A previous document issued earlier this year set DeFacto to list up to 29.81 percent of its shares.

Likewise, on May 4, Boyner Retail and Textile Investments issued a statement saying they would delay an IPO for Beymen, citing “low demand amid fluctuations in the global financial markets.” The fashion chain, which stocks over 600 international fashion brands in more than 80 outlets across Turkey, aimed to list up to 49 percent of its shares on May 3-4.