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01 March 2020
TECHNOLOGY

Turkey’s n11.com hires Citi, BofA for stake sale

The online retailer’s plans come after trade volumes in Turkey’s e-commerce industry rose 40 per cent last year to TRL 31 billion ($5.1 billion) or 5.3 per cent of total retail sales, excluding spending on travel

The company has been operating in Turkey since 2013/Shutterstock

by Bloomberg

Dogus Holding and an affiliate of South Korea’s SK Group have hired Citigroup and Bank of America Corporation to weigh options for their Turkish online retailer, including a possible initial public offering (IPO).

The joint owners of Istanbul-based n11.com are also considering whether to sell a minority stake in the company this year ahead of the IPO. The share sale is expected in 2021 in Istanbul or overseas.

N11.com, formally known as Dogus Planet Elektronik Ticaret ve Bilisim Hizmetleri, has access to more than 115,000 stores and more than 14 million products. The company’s gross merchandise volume—the dollar value of goods sold over a certain time frame—is forecast to reach $1 billion this year.

The company has been operating in Turkey since 2013, where it faces competition from global giants such as Amazon.com, eBay and Alibaba Group Holding as well as local firms such as hepsiburada.com.

 


RELATED STORIES: n11.com Citigroup Bank of America Corporation IPO Amazon.com eBay Alibaba Group Holding

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