ISTANBUL, Turkey — The owners of the Turkish distributor of luxury brands including Christian Dior and Dolce & Gabbana are in talks with Bank of America Corp., Citigroup Inc. and Deutsche Bank AG to manage its initial public offering, according to three people with knowledge of the matter.

Boyner Perakende ve Tekstil Yatirimlari AS is also holding discussions with Turkish brokerage Is Investment for the share sale of its wholly-owned subsidiary Beymen Magazacilik AS in Istanbul, according to two of the people, who asked not to be identified because the plans are private. The company is looking for other potential advisers, one person said.

Boyner Perakende, in which Boyner Holding AS holds a controlling stake, plans to offer as much as 49 percent of Beymen, which sells about 600 international fashion brands in more than 80 outlets in Turkey, according to a presentation on its website. Qatari investor Mayhoola for Investments Spc also holds a 42.7 percent stake in Boyner Perakende.

Boyner Perakende fell as much as 3.1 percent in Istanbul trading, the most in a week, and was closed down 2.8 percent at 9.14 liras as of 5:38 p.m. The stock has declined 48 percent in the last 12 months.

Turkish companies raised about $700 million from IPOs last year, up from $120 million in 2016 and the most since 2011, according to data compiled by Bloomberg. Turkey’s Medical Park Group is said to be working with Goldman Sachs Group Inc. for a share sale in Istanbul or London, while Memorial Healthcare Group is said to have picked Citigroup, Credit Suisse Group AG and Is Yatirim for a local offering.

Boyner Perakende declined to comment. Bank of America, Deutsche Bank, Citigroup and Is Investment also declined to comment.

By Ercan Ersoy; Editors: Stefania Bianchi, Ross Larsen.