Turkey’s Limak Holding proposed an initial public offering (IPO) of its cement company Limak Doğu Anadolu Cimento (Eastern Anatolia Cement).
The company intends to sell about 30 % of its shares by the IPO with expectations to raise 2.5 billion Lira (US$ 81.9 m), marking one of the year’s largest public offerings. Stock trading at Borsa Istanbul (ticker LMKDC) will start 22nd February 2024. It is intended to use the IPO’s primary proceeds to expand the market in Eastern Anatolia, increase the production capacity and to invest in green technology. Located in Şanlıurfa, the cement plant (photo) has an annual production capacity of 2.2 Mta of cement and 1.485 Mta of clinker.
