A New CMB Principle Decision That May Affect IPO Timelines

With its Principle Decision dated 27 August 2026, the Capital Markets Board of Türkiye (the “CMB”) has opened the way for IPO applications by companies meeting certain conditions to be reviewed and concluded on a priority basis, without waiting for their position in the publicly announced application queue.

To benefit from this opportunity, a company must meet at least one of the relevant criteria and separately request priority treatment from the CMB.

Companies That May Qualify for Priority Treatment:

1. Companies whose registered office and the production facilities or service offices from which they generate more than 50% of their revenue have been located in the same city for the past five years, and that will be the first company from that city to go public
2. Companies directly or indirectly controlled by the Ministry of Treasury and Finance, the Türkiye Wealth Fund or other public institutions
3. Companies with an IPO size exceeding TRY 15 billion that plan to allocate at least 50% of the offered shares to international investors and prepare a foreign-language documentation package in line with internationally accepted standards

What Does This Mean for Companies Planning an IPO?

This decision does not provide “automatic IPO approval.” The potential benefit is priority in the review and decision-making timetable. All financial, legal and operational requirements imposed by the CMB and Borsa İstanbul will continue to apply.

Nevertheless, the decision creates an important opportunity for eligible companies to manage their IPO timetable more predictably and strategically.

In particular, it will become increasingly important for:

• Anatolian-based companies seeking to become the first listed company from their city to bring forward their IPO preparations
• Large companies to establish their international investor strategy and documentation package at an early stage
• Existing applicants to reassess whether they meet any of the priority criteria
• Priority requests to be supported by robust documentation demonstrating the location of the registered office and operations, revenue generation, corporate control and IPO size

In summary, for companies meeting the relevant criteria, this decision offers more than an advantage in the application queue. When used effectively, it can become a strategic tool for reducing timing risk in an IPO project.

Naturally, “priority” does not mean “guaranteed approval.” The most prudent approach is to assess eligibility with the lead investment firm and legal advisers at an early stage and structure the process accordingly.