D-MARKET Electronic Services & Trading, which operates the e-commerce platform Hepsiburada in Turkey, raised $681 million by offering 56.7 million ADSs (27% insider) at $12, within the range of $11 to $13. At pricing, the company commands a market value of $3.4 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 plans to list on the Nasdaq under the symbol HEPS. Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, and UBS Investment Bank acted as lead managers on the deal.
