The Capital Markets Board (SPK) approved Kimteks Polyurethane Industry and Trade Inc. (KİMPUR), a chemicals company, for its initial public offering application on 16 December 2021.
27.91% of KİMPUR shares will be offered to the public, and if there is excess demand, an additional sale of up to 15% of the total shares to be offered can be made. 75% of the shares to be offered will be conducted through secondary sales and 25% through capital increase. Demand collection for KİMPUR shares will take place on 23-24 December. The share price was set in the range of TRY 22.50-24.00.
KİMPUR, which increased its production capacity by 84.6% over the past 5 years from 65,000 to 120,000 tons, also increased its employment by 132% in the same period. KİMPUR's sales grew 156% in the same period, while its exports increased 470%. According to 2020 data, export revenues constitute 32.5% of KİMPUR's total turnover of TRY 938.8 million.
In 2020, KİMPUR managed to increase its sales and production volume by 16% in real terms despite adverse conditions created by the pandemic worldwide. In the first half of 2021, continuing its rapid growth, KİMPUR increased its sales by 46%, reaching TRY 970 million turnover in the first six months of the year.
According to ISO 500 data published for 2020, Kimteks Polyurethane Industry and Trade Inc. ("KİMPUR"), which ranked 314th (350th in 2019), applied for prospectus approval for the purpose of going public as of 19 October 2021, which was approved by the Capital Markets Board (SPK) on 16 December 2021.
The prospectus approved by the SPK will be accessible on Kimpur's website at www.kimpur.com and on the Public Disclosure Platform.
IPO DETAILS
IPO Structure
- Capital before IPO TRY 110,000,000
- Capital increase TRY 8,250,000
- Capital after IPO TRY 118,250,000
- Number of Shares Offered for Public Sale 37,950,000 Shares
- Company Capital Increase: 8,250,000 Shares
- Secondary Sale: 24,750,000 Shares
- Additional Secondary Sale: 4,950,000 Shares
- Unit share price range TRY 22.50 - 24.00
- IPO Size including additional sale TRY 854-911 million
- Public float ratio including additional sale 32.09%
IPO Allocations
- 60% Domestic individual investors
- 40% Domestic institutional investors
IPO Consortium
- Consortium Leader: TSKB
- Consortium Co-Leader: Yatırım Finansman
- Consortium Members: Ak Yatırım, Burgan Yatırım, Deniz Yatırım, Garanti Yatırım, Gedik Yatırım, Halk Yatırım, İnfo Yatırım, ING Menkul, İş Yatırım, Oyak Yatırım, QNB Finans Yatırım, Tacirler Yatırım, TEB Yatırım, Vakıf Yatırım, Yapı Kredi Yatırım, Ziraat Yatırım
KİMPUR A.Ş. Chairman of the Board Leon Mizrahi: 'Our goal is to increase our brand recognition in global markets and achieve rapid growth'
KİMPUR A.Ş. Chairman of the Board Leon Mizrahi made the following comments on the matter:
"We serve more than 1,000 customers with 600 different product system codes, contribute positively to our country's current account balance by exporting 30% of our production to more than 45 countries, and as one of the leading chemicals companies ranked 314th in ISO 500, we continue our journey strongly.
We are now going public to further strengthen our corporate and financial structure and increase our investments on the path to becoming a global brand. Our goal is to increase our brand recognition in global markets and achieve rapid growth. As a company with a solid public structure and strong capital base, we are confident we will succeed.
We take pride in having reached this stage as a 38-year-old, 100% domestically-owned strong chemicals company with a healthy and sound balance sheet and sustainable profitable growth performance.
KİMPUR CEO Cavidan Karaca: "Over the past five years, we increased our sales by 156% and our exports by 470%"
KİMPUR CEO Cavidan Karaca commented on SPK's approval of the IPO application: "As one of Turkey's 100% domestic polyurethane system manufacturers, KİMPUR ranks among the world's leading companies in its sector through technology and R&D investments.
As a trusted business partner, at our production facility with annual capacity of 120,000 tons and advanced technology, we support our customers operating in almost all sectors to become more successful by strengthening our competitive advantage based on operational excellence and our 'Smart Business Model'.
One of our most important competitive advantages, KİMPUR R&D, is registered as an R&D center by the Ministry of Industry. Through this, our company has continued to accelerate growth and achieve major breakthroughs, particularly over the past 5 years.
As KİMPUR, with approximately 25 million Euros in investments at current acquisition costs, we made approximately 5.5 million Euros in investments over the past 5 years. With our competitive advantage technologies, innovations and strategies, we increased our production capacity by 84.6%, raising it from 65,000 to 120,000 tons.
Between 2016 and 2020, our employment grew 132% and our sales grew 156%. In the same period, we increased our exports from TRY 64.8 million to TRY 305 million, a 470% increase. Even in 2020, when the pandemic dominated the world economy, we managed to increase our sales and production volume by approximately 16% in real physical growth compared to 2019, and by 46% in the first six months of 2021.
In line with our growth plans, we planned to implement a second production facility investment in Düzce during 2021-2023 to obtain an additional 50,000 tons of capacity in polyurethane systems and increase 'EVA granule' raw material production capacity.
At this facility, we will also bring a 'PET recycling' facility online and complete our 'green product range' in line with KİMPUR's 'sustainability' goals. Parallel to global growth, we will put into operation our facility in Latvia with approximately 25,000 tons of capacity, of which 75% is KİMPUR's stake.
Our application to the SPK for IPO was approved in order to establish a stronger corporate structure, increase our competitiveness in international markets, and finance our new investments. We want to make corporate and individual investors partners in our success and grow together.
Our company has had a long-standing culture of distributing dividends every year. We are bringing this culture to the stock exchange with the IPO, and we commit to distributing 50% of distributable profit annually to our investors so that they directly benefit from our profitability" he said.
