Hepsiburada debuted at $12 a share on Thursday, valuing the business at about $3.9 billion. The offering sold about 20 percent of total shares, with founder, Hanzade Dogan Boyner, retaining a 21 percent stake and three-quarters voting power.
Dogan Boyner, the 48-year-old daughter of Turkish billionaire Aydin Dogan, founded Hepsiburada — the name means “you can find anything you want here” — in 2000. Last year, revenues soared 145 percent, according to regulatory filings, to 6.4 billion Turkish lira ($740 million).
Apparel brands such as Nike, Adidas and Benetton, as well as beauty giant L’Oréal, have tapped Hepsiburada as a channel for online distribution in Turkey.
The company plans to use the funds raised from its public offering to double market penetration in Turkey by 2025; scale fulfilment centres and last-mile delivery; and explore new markets, including those in the Balkans, Middle East, and North Africa regions.