Turkey's Mavi Jeans sets sail on Borsa Istanbul

By Bahattin Gonultas

ANKARA (AA) – Turkey’s Mavi Jeans on Thursday floated on Borsa Istanbul with a share price of 43 Turkish liras (over $12) giving the company a market capitalization of over $700 million.

The clothing manufacturer’s shares jumped up by four percent to 44.76 Turkish liras before break time.

Speaking at a gong ceremony at the stock exchange of Istanbul, the company's chief executive, Cuneyt Yavuz, said: "We trust Turkey, which has an excellent textile ecosystem and young population....We will make 'Mavi' a true global brand."

Mavi Jean’s IPO, which was the largest in Istanbul for four years, was held on June 8-9. Nearly 74 percent of shares were bought by foreign corporate investors.