Istanbul, Turkey — Kimteks Poliuretan is planning an initial public offering on the Borsa Istanbul stock exchange in April. This follows a decision in 2021 to postpone the move.
Cavidan Karaca, the company’s CEO, said the delay in the offering is unlikely to have a negative impact on how investors view his company's potential. 'The delay is not a disadvantage.,’ he told local business daily Dunya. ‘We increased our [production] capacity by 20%, and turnover by 131% last year.’
Karaca said Kimteks Poliuretan would distribute 50% of its net profit for 2021 among the company’s shareholders. The PU producer reported sales of TRY 2.17bn (€133.7m) for the last financial year, with an annual capacity of 129kT.
It plans to use the proceeds from the IPO to finance investment in a new PU factory in Duzce, north-western Turkey. Production is scheduled to begin in 2023, according to Karaca.
Last year, the company also unveiled plans to acquire a European PU plant with 10kT/year a capacity.
The PU maker supplies various industries. Its portfolio includes products for the footwear industry, flexible foams, and rigid foams.
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