Koza Gold raises $436m in IPO

In the largest Turkish IPO since Turk Telecom, the gold miner offered 30% of its share capital to investors, giving it a market value of 2.2bn lira

ISTANBUL (Reuters) - 

An initial public share offer for 30 percent of Turkish miner Koza Gold raised 662.4 million lira ($436 million), the company said on Monday, but the lot price of 36.80 lira per 100 shares was at the bottom of the offer price range.

In the largest Turkish IPO since Turk Telekom's public offering in May 2008, Koza Altin said it had sold all 1.8 billion shares on offer, giving it a market value of 2.2 billion lira.

Koza Altin is owned by mining company Koza Madencilik (KOZAA.IS: Quote) and printer Ipek Matbaacilik (IPMAT.IS: Quote). It operates two gold mines, one in the Aegean region and one in the Black Sea region, and has further operating and exploration licences.

Documents published ahead of the public offer had put the offer price range at 36.8 - 46.0 lira.

International investors bought 40 percent of the shares, domestic institutional and retail investors bought 47 percent and the firm's owners bought the remaining 13 percent.

In the nine months to September 2009 Koza Altin generated a revenue of 220.5 million lira. ($1=1.5190 lira) (Reporting by Birsen Altayli; Editing by Greg Mahlich)

© Thomson Reuters 2010 All rights reserved

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