D-MARKET Electronic Services & Trading, which operates the e-commerce platform Hepsiburada in Turkey, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The company states that Hepsiburada was one of the early pioneers of digitalization of commerce in Turkey and has become a household brand in the country. In 2020, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants.
The Istanbul, Turkey-based company was founded in 2000 and booked $815 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol HBX. D-MARKET Electronic Services & Trading filed confidentially on March 19, 2021. Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
