Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, plans a dual-listing IPO in New York or London when its income from foreign sales reaches 30 to 35 percent of total revenue, the group’s chief executive said.

Trendyol, one of Turkey’s best known platforms, has drawn backing from foreign investors and holds a leading position in Turkey’s fragmented e-commerce market.

“Before a public offering we want to see revenue abroad, which is around 5 percent of total revenue right now, rise to 30 to 35 percent,” President of Trendyol Group Caglayan Cetin said in embargoed remarks late on Tuesday.

In a meeting with reporters, Cetin also said the company is planning its initial public offering (IPO) in 2024-2025 but that teams are making a serious effort to bring it forward to next year.

“Our ultimate aim is an IPO. We will use the dual-listing method... One arm will be in Turkey (Istanbul stock exchange) and the other can be in London or New York,” he said.

In August, Trendyol it had entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the company at $16.5 billion.

Trendyol is also interested in company acquisition in Turkic countries, Middle East or Europe and looking to a range of firms with $500 million to $6 billion valuation, Cetin said.

Trendyol’s founders hold 20 percent of its shares, including so-called golden shares, while Alibaba holds 70 percent. Other investors include General Atlantic, Japan’s SoftBank Vision Fund 2, Germany’s Princeville Capital and Qatar Investment Authority.

Asked if another funding round is planned, Cetin said there is interest from existing and new investors but the company first needs to decide where to direct new investments.

Learn more:

Young Turks: E-Commerce Start-Ups Bet On Enviable Demographics

The potential for online retail growth in Turkey is increasingly attracting overseas players and investors.