Contemporary Glass's IPO Results Revealed
Çağdaş Cam successfully completed its initial public offering (IPO) process on December 11-12, raising a total of 840 million TL. The company's public float rate was set at 25%.
According to data provided by Borsa İstanbul, nearly 637,000 applications were received for the IPO, generating demand amounting to 2.2 billion TL. As a result of the distribution, over 628,000 investors received shares with a nominal value of 42 million TL.
The distribution amounts based on the group of investors at the IPO price are as follows:
Serdar Pirinç, a member of the board of directors of Çağdaş Cam, stated that they are proud to have successfully completed the IPO, saying, “We aim to make Çağdaş Cam one of the leading glass processors in global glass supply chains. We believe that our IPO is an important milestone that will accelerate us toward this goal. We thank all our investors who believe in and share in the future of Çağdaş Cam. In the future, we aim to continue adding value to our country and our stakeholders through our investments, production capacity, and innovative perspective.”
Çağdaş Cam shares are scheduled to start trading on Borsa İstanbul's Main Market with the ringing of the first bell on Tuesday, December 17, 2024.
In a statement made following the IPO, it was noted that Çağdaş Cam, with a history of approximately 50 years, is an important part of the global supply chain with its facilities located in the Manisa OSB, Aydın Kuyucak, and Nazilli OSB. As one of the largest glass processing companies in Europe, Çağdaş Cam processes millions of square meters of glass annually. The company processed 4.3 million square meters of glass in 2023 and continues to increase its production volume each year.
Çağdaş Cam aims to add value to the home appliance sector by offering innovative products across a wide range of services, from energy glasses to commercial glasses. The company meets international standards in energy glass production and aims to contribute to the economy by reducing imports and increasing exports.
Additionally, with the installation of a 3.7 MW solar energy system on the roofs of its facilities in Manisa and Nazilli, Çağdaş Cam partially meets its electricity consumption with the renewable energy it produces. With the resources gained from the IPO, Çağdaş Cam plans to make new investments and strengthen its working capital, while continuing its innovation efforts in the industry without interruption.