Burger King Operator Eyes $246 Million From Istanbul IPO (1)

TAB Gida, the operator of Burger King in Turkey, has received approval to sell shares at Borsa Istanbul, potentially making it the largest Turkish initial public offering in dollar terms since 2018.

TAB Gida Sanayi ve Ticaret AS will sell as many as 52.5 million shares at 130 liras each to raise 6.83 billion liras ($246 million), according to a regulatory approval published after the market close on Thursday. The IPO comprises of about 28.9 million new shares while parent TFI TAB Food Investments will sell a further 23.6 million.

TAB Gida operates about 1,500 fast food restaurants in ...