Capital Markets Board of Türkiye 2026-Revaluation Rates and IPO Thresholds

The Capital Markets Board of Türkiye (“CMB”) updated the amounts subject to revaluation for 2026 with its decision dated 30 December 2025 and numbered 68/2461 (“Decision”), announced in the Capital Markets Board Bulletin dated 31 December 2025 and numbered 2025/68.

Revaluation Rate

In this context, CMB has determined the revaluation rate applicable for the period from 1 January 2026 to 31 December 2026 as 25.49%. The revaluation rate applied for the period from 1 January 2025 to 31 December 2025 was 43.93%. This decline in the revaluation rate indicates that the rate of increase in nominal monetary threshold is slowing down.

IPO Thresholds Updated

For 2026, the CMB has increased the financial thresholds applicable to initial public offering (“IPO”) candidates. For companies applying for an IPO, the minimum total assets requirement has been updated to minimum TRY 3,600,000,000 while the minimum net sales revenue requirement has been re-determined to minimum TRY 1,800,000,000. For 2025, the applicable thresholds were TRY 2,400,000,000 for total asset and TRY 1,200,000,000 for net sales revenue requirement. In addition, the minimum capital amount required for transition to the registered capital system has been increased to TRY 200,000,000. This amount was TRY 150,000,000 for 2025.

The CMB continues to apply the sector specific IPO facilitation regime for 2026. Accordingly, for companies operating in the energy, chemical, agriculture and defence industries, as well as companies producing advanced technology based solutions, within the scope of the CMB resolution numbered 18/505 published in the Weekly Bulletin dated 28 Marh 2024 and numbered 2024/17, the financial thresholds required to be met for applications to be made in 2026 shall be assessed based on the annual financial statements for the years 2024 and 2025, prepared in accordance with the CMB’s regulations and audited through special independent audits. In this respect, for the 2025 financial year, the minimum total assets requirement is TRY 1,800,000,000 and the minimum net sales revenue requirement is TRY 900,000,000, while for the 2024 financial year, the minimum total assets requirement is TRY 1,200,000,000 and the minimum net sales revenue requirement is TRY 600,000,000.

Pursuant to the Communiqué on Shares (VII-128.1) (“Communiqué on Shares”), in the case of corporations which will be offered to public for the first time the underwriting obligation shall be determined based on the market capitalization calculated using the offering price of the shares to be offered to the public, excluding any overallotment option. Accordingly, where such market capitalization is below TRY 750,000,000, the authorized intermediary institutions conducting the public offering shall undertake to purchase all unsold shares at the offering price. Where the market capitalization is between TRY 750,000,000 and TRY 1,500,000,000, such intermediary institutions shall undertake to purchase, at the offering price, all the portion of the unsold shares corresponding to TRY 750,000,000 and one half of the portion exceeding this amount.

Under the Communiqué on Shares, if market capitalization of a first-time IPO issuer is below TRY 950,000,000, shares corresponding to 25% of the nominal value of the offered shares must be set aside as shares kept available for sale through full restriction of subscription rights.

Conclusion

In terms of revaluation rate set at 25.49%, the decline in the revaluation rate indicates that the update of monetary thresholds in the capital markets has entered a more restrained phase, one that is no longer fully aligned with inflationary increases.

The upward revision of IPO conditions make access to capital markets more difficult for small scale companies with weak financial structures, while encouraging larger, financially sound and mature companies to list on the stock exchange from an investor perspective.