TAB Gida, a master franchisee for Burger King, Popeyes and other fast food restaurant chains in Turkey, has received approval for its proposed initial public offerings (IPO).

Following this approval from Turkey’s Capital Markets Board (SPK), TAB Gida is expected to have the biggest dollar-denominated IPO since 2018, according to Reuters.

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The report confirmed that the company will float only 20% of its shares while TFI TAB Gida Yatirimlari shareholders will sell some of its shares along with a capital increase.

According to a Bloomberg report, the foodservice company plans to raise approximately Tl6.85bn ($246m) by selling its 52.5 million shares at Tl130 each.

After the market closing on Thursday, the report, citing a regulatory approval, published that The IPO includes nearly 28.9 million new shares and the parent company TFI TAB Food Investments is scheduled to sell a further 23.6 million.

TAB Gida will use proceeds from the listing to fund the opening of new restaurants, install a new solar plant and minimise its existing financial debts.

As the intermediary fees in the IPO, the foodservice company is projected to pay Tl215m.

Furthermore, TAB Gida will offer domestic retail investors approximately 78% of the shares.

Since 1994, TAB Gıda has been working to contribute to the growth of the quick service restaurant (QSR) industry in Turkey.

The company currently operates 1,500 fast food restaurant brands across Northern Cyprus, North Macedonia, Turkey and Georgia.

TAB Gida operates different fast food restaurant chains such as Arby’s, Popeyes, Sbarro, Subway and more than 700 Burger King outlets.

The Bloomberg report added that TAB Gida’s annual revenue increased by 125% to Tl8.62bn in 2022.

The company’s net income in 2022 stood at Tl361.8m.