Hitit Completes Public Offering Process

Hitit Computer Services Inc. (Hitit) successfully completed its initial public offering between 23-25 February 2022, led by ÜNLÜ Securities Inc. (ÜNLÜ & Co). Despite fluctuations in international markets and rising geopolitical risks, the company conducted a successful demand collection period, with the IPO size reaching TRY 431 million. Hitit Computer Services Inc. (Hitit), a leading global aerospace technology company, successfully completed its initial public offering between 23-25 February 2022 despite fluctuations in international markets and rising geopolitical risks. The final share price per share for the IPO was set at TRY 12.25, with the IPO size reaching TRY 431 million. The public float ratio following the offering was realized at 27.6%. A consortium of 36 institutions was established for the IPO, led by ÜNLÜ Securities Inc. The shares offered to the public were distributed as follows: 40% to domestic retail and oversubscribed investors, 35% to domestic institutional investors, and 25% to foreign institutional investors. Hitit's ownership structure following the IPO is: 22.81% Nur Gökman, 4.71% Dilek Ovacık, 4.34% Hakan Ünlü, 4.34% Özkan Dülger, 36.20% Pegasus Airlines, and 27.60% public float.

"We will work with all our might to not waste this trust"

Hitit Chairman and Chief Executive Officer Nur Gökman expressed his satisfaction with the investors' interest in Hitit despite developments creating instability in international markets, stating: "We are deeply grateful to each of our investors for their support. They believed in us during a period when we experienced developments that we did not anticipate and that are sorrowful for the world and our neighbors. As Hitit, we will work with all our might to not waste this trust. We have successfully completed a very important stage in our journey that began with the dream of bringing a technology company from Turkey to the market. From here on, with the strength we have gained from our investors, we will further solidify our position in global rankings. The majority of the proceeds from the IPO will be used for new product development and expansion into new markets," he said.

Earning 75% of revenues from exports

Founded in 1994 by Nur Gökman and Dilek Ovacık to develop software and technological solutions for airline companies, Hitit is a technology company serving globally despite being based in Istanbul. The company derives approximately 75% of its revenues from exports and approximately 84% of its total revenues in foreign currency. Consequently, the company maintains its financial records in US dollars as the functional currency. Today, Hitit exports technology to 48 airline companies from 38 countries across 5 continents, and its software is used in 290 airports. Producing "Crane" branded software solutions for the national and international aviation and travel industry, Hitit continuously develops these products and delivers them to customers together with infrastructure hosting and maintenance services. Hitit products are provided as a service on a pay-as-you-go basis (software as a service "SaaS"). Additionally, Hitit provides consulting and training to customers regarding the software solutions it has developed, and offers post-sales support and maintenance services. With customers including airlines, travel companies and travel agencies, Hitit, under the "Crane" brand, is able to serve all airlines of different sizes and service levels under one roof.