D-MARKET Electronic Services & Trading, which operates the e-commerce platform Hepsiburada in Turkey, announced terms for its IPO on Wednesday.
The Istanbul, Turkey-based company plans to raise $681 million by offering 56.7 million ADSs (27% secondary) at a price range of $11 to $13. At the midpoint of the proposed range, D-MARKET Electronic Services & Trading would command a market value of $3.9 billion.
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. As of December 31, 2020, the platform had over 44 million SKUs across 32 different categories offered through a hybrid model combining a first-party Direct Sales model and a third-party Marketplace model.
D-MARKET Electronic Services & Trading was founded in 2000 and booked $837 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol HEPS. Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
