An Initial Public Offering (IPO) is the process through which a private company becomes publicly listed by offering shares to investors in Turkey. Istanbul Law Firm, a leading Turkish Law Firm, provides full-fledged legal guidance for companies preparing an IPO Turkey strategy. Our Turkish Lawyers assist with preparation of prospectus, compliance with Capital Markets Board (CMB) regulations, and corporate governance upgrades. As the best lawyer firm in Turkey for capital markets, we coordinate with auditors, financial advisors, and underwriters. Our English speaking lawyer in Turkey ensures international investors fully understand public offering terms and conditions. This guide explains IPO Turkey essentials: regulatory approvals, due diligence, disclosure, underwriting, pricing, and listing timeline.
1. Preparing for an IPO: Corporate & Financial Readiness
Preparing for an Initial Public Offering in Turkey requires corporate restructuring, audited financials, and enhanced disclosure standards. Istanbul Law Firm helps companies align their governance structures—board committees, independent directors, and audit functions—to meet CMB listing requirements. Our Turkish Lawyers coordinate statutory audit in accordance with Turkish Accounting Standards (TAS) and IFRS. We prepare audited reports covering at least three fiscal years, along with management discussion and analysis sections. We also assist in drafting corporate governance compliance statements, insider trading policies, and risk disclosures. As a specialist Turkish Law Firm for public offerings, we advise on share class structuring, employee share schemes, and capital increase procedures. Our English speaking lawyer in Turkey ensures all documents are investor-friendly, bilingual, and legally sound.
We also support pre-IPO corporate restructuring like parent-subsidiary consolidation, asset spin-offs, or debt-to-equity swaps. Istanbul Law Firm structures share class rights, preferential dividends, and board nomination provisions to optimize interest alignment. Our Turkish Lawyers handle capital reserve allocation, shareholder agreements, and lock-up periods. We legally prepare convertible bond issuance and crowd-out rights in line with CMB Communiqués. As the best lawyer firm in Turkey for IPO readiness, we ensure the company is in prime shape for capital markets. Our English speaking lawyer in Turkey also manages cross-border shareholder unification and reporting requirements.
Pre-IPO also involves due diligence on legal, tax, liabilities, and disclosure. Istanbul Law Firm runs focused legal due diligence of contracts, litigation, property assets, and intellectual property. We identify risks and help draft risk mitigation disclosures for the prospectus. Our Turkish Lawyers coordinate environmental compliance audits, IP clarity reports, and material contract reviews. We also address contingent liabilities, off-balance sheet exposures, and guarantees. As a thorough Turkish Law Firm, we ensure all legal and financial alarms are resolved pre-listing. Our English speaking lawyer in Turkey coordinates international counsel and investor Q&A sessions smoothly.
2. Regulatory Submission & Prospectus Review
Once the company is IPO-ready, Istanbul Law Firm submits the application and draft prospectus to the Capital Markets Board (CMB) for initial review. Our Turkish Lawyers comply with Communiqué II-14.1 on public offerings, drafting comprehensive prospectus that includes company overview, corporate governance, risk factors, financial information, and legal considerations. We also prepare investor decks and board resolutions approving the IPO plan. Our team files for CMB registration, Borsa Istanbul listing approval, and securities code registration. As the best lawyer firm in Turkey for public offerings, we liaise with CMB examiners to address their follow-up questions swiftly. Our English speaking lawyer in Turkey ensures prospectus translation and disclosure aligns with international investor expectations.
If required, we also secure sectoral permits for regulated industries such as banking, energy, telecom, insurance, or healthcare. Istanbul Law Firm coordinates applications with BRSA, EPDK, RTSÜK, or SGK depending on sector. Our Turkish Lawyers ensure that the prospectus includes these regulatory clearances or risk disclosures. Our firm helps manage required approvals within CMB timelines, avoiding listing delays. As the best lawyer firm in Turkey for IPO transactions, our attention to regulatory nuance is unmatched. Our English speaking lawyer in Turkey coordinates permit filings and investor Q&A sessions in English as needed.
The CMB may ask for amendments, addenda, or additional disclosures. Istanbul Law Firm drafts and submits updated prospectus pages, consent letters, and statutory notices. Our Turkish Lawyers coordinate with auditors and advisors to validate financial restatements or new valuations. We also manage advertisement drafts, roadshow compliance, and investor risk notifications. Our goal is to achieve CMB approval and BIST prospectus registration without delays or compliance gaps.
3. Underwriting, Pricing & Investor Roadshow
Once the prospectus is approved by CMB, Istanbul Law Firm coordinates the underwriting process with banks and institutional investors to facilitate the IPO Turkey offering. Our Turkish Lawyers negotiate underwriting agreements, lock-up periods, price stabilization clauses, and fee structures with investment banks. As the best lawyer firm in Turkey for public offerings, we ensure the underwriting terms comply with CMB Communiqué II-22.1 and protect issuer interests. Our English speaking lawyer in Turkey supports global roadshows, investor presentations, and legal disclosures for foreign institutional buyers. We also guide pricing strategy by benchmarking peer valuations, analyzing market demand, and ensuring fair value is recognized. With our integrated legal and financial approach, we help optimize offer price while minimizing regulatory risk.
The pricing phase also involves preparing a final offer prospectus, or talep toplama ek formu, which outlines the offering price range and subscription logistics. Istanbul Law Firm ensures the document complies with Turkish capital markets law and includes accurate financial information, growth projections, and risk disclaimers. Our Turkish Lawyers cross-verify underwriting commitments, subscription windows, and offer structure for retail and institutional investors. As a detail-oriented Turkish Law Firm, we ensure compliance with pre-market stabilization rules and syndicate agreements. Our English speaking lawyer in Turkey assists issuing dual-language marketing materials and ensures compliance with advertisement regulations under CMB guidelines.
During the roadshow phase, Istanbul Law Firm supports the management team in responding to investor due diligence questions, arranging board presentations, and scheduling site visits. Our Turkish Lawyers prepare Q&A packs that cover legal structure, regulatory risks, and corporate governance compliance. As the best lawyer firm in Turkey for IPO execution, we coach client management on legal communication limitations to avoid forward-looking statements that could trigger liability. Our English speaking lawyer in Turkey also coordinates translator services, scripts, and bilingual presentations. We ensure investor confidence through clear, accurate, and legally compliant engagement.
4. Subscription, Allotment & Public Listing
Once the subscription period closes, Istanbul Law Firm assists in closing subscription lists, allotting shares, and preparing allocation summaries for CMB and Borsa Istanbul. Our Turkish Lawyers manage public subscription tracking, oversubscription calculations and top-up procedures. We also prepare the final allotment decree, coordinate issuance of share certificates, and file listing notifications. As the best lawyer firm in Turkey for IPO execution, we guarantee that compliance and timeliness issues are resolved before trading launch. Our English speaking lawyer in Turkey translates closing reports and shares them with international shareholders, custodians and global advisors.
Following allotment, Istanbul Law Firm prepares public listing documents and coordinates the first day listing ceremony at Borsa Istanbul. We draft board resolutions approving transaction completion, register new share capital with the trade registry, and submit updated corporate books. Our Turkish Lawyers notify CMB and BIST of issuance dates and trading initiation. As a comprehensive Turkish Law Firm, we also assist in setting up investor relations departments and disclosure channels. Our English speaking lawyer in Turkey organizes post-listing communications, ensuring prompt Q&A responses and regulatory updates.
After listing, companies enter the public company monitoring phase, which requires quarterly disclosures, insider trading compliance, and corporate governance reporting. Istanbul Law Firm drafts quarterly financial statements, director declarations, and material event disclosures according to CMB and BIST rules. Our Turkish Lawyers ensure timely submission of earnings, board changes, and auditor appointments. We also support investor relations by drafting corporate governance reports, sustainability disclosures, and explanatory notes. Our English speaking lawyer in Turkey ensures foreign investor communications comply with Turkish and global expectations, maintaining compliance year-round.
5. Post-IPO Corporate Governance & Reporting Obligations
After an IPO in Turkey, companies must comply with strict corporate governance rules enforced by the Capital Markets Board (CMB). Istanbul Law Firm advises newly listed companies on Board structure, independent member appointment, committee formation, and shareholder relations. Our Turkish Lawyers help draft internal guidelines for audit, remuneration, risk, and sustainability committees. We ensure compliance with the Corporate Governance Communiqué (II-17.1), particularly for Borsa Istanbul-listed firms. As the best lawyer firm in Turkey for capital markets compliance, we align your internal procedures with regulatory mandates. Our English speaking lawyer in Turkey ensures foreign board members and advisors are fully briefed and legally guided in English.
Public companies in Turkey must also submit annual corporate governance compliance reports (CGCR), material event disclosures (MADs), and periodic financial reports. Istanbul Law Firm supports clients in publishing Board activity summaries, director attendance logs, internal control declarations, and stakeholder communication reports. Our Turkish Lawyers coordinate with finance and investor relations teams to align reporting frequency and transparency. We also support compliance with ESG and sustainability reporting under BIST Sustainability Index and EU alignment laws. Our English speaking lawyer in Turkey ensures your reporting obligations remain globally consistent and professionally delivered.
Failure to comply with post-IPO governance rules may trigger administrative fines, share trading suspension, or reputational harm. Istanbul Law Firm monitors deadlines, prepares defense petitions for sanctions, and manages shareholder activism scenarios. Our Turkish Lawyers advise companies on regulatory updates, governance scorecard improvements, and director fiduciary duties. As a proactive Turkish Law Firm, we train company secretaries and legal officers to avoid violations. With our guidance, IPO success is preserved beyond listing day—through strong governance and legal discipline.
6. Cross-Border Listing, Dual IPOs & ADRs
Some Turkish companies pursue dual listings or cross-border IPOs in addition to listing on Borsa Istanbul. Istanbul Law Firm advises clients exploring foreign IPO options in London, Frankfurt, or Nasdaq via GDR (Global Depositary Receipt), ADR (American Depositary Receipt), or direct listing. Our Turkish Lawyers coordinate local legal structuring with foreign counsel to meet jurisdictional requirements. We support document translation, prospectus synchronization, and cross-border compliance. As the best lawyer firm in Turkey for international IPOs, we facilitate listing in multiple markets without duplicating risk. Our English speaking lawyer in Turkey bridges legal dialogue across countries, regulators, and time zones.
Cross-border IPOs may require Turkish corporate law amendments, dual GAAP reporting (TAS + US GAAP or IFRS), and additional audit review. Istanbul Law Firm advises on public offering eligibility, Turkish foreign investment rules, and CMB dual-listing policies. Our Turkish Lawyers assist in preparing shareholder resolutions, international voting mechanisms, and cross-border dividend frameworks. We also guide IPO tax optimization, capital gain withholding, and investor protection reconciliation. Our English speaking lawyer in Turkey ensures foreign shareholders receive valid share certificates, global custodian coordination, and cross-border legal validity.
For companies exploring post-IPO secondary offerings, Istanbul Law Firm structures follow-on issuances, shelf registrations, and private placements. Our Turkish Lawyers file necessary updates with CMB, revise the prospectus, and ensure public offering rules remain satisfied. We guide global marketing documents, foreign law disclosures, and institutional subscription terms. With us, capital market access is not a one-time event—it’s a repeatable strategy with long-term legal infrastructure.
7. Risks, Liabilities & Legal Protections in Turkish IPOs
Going public in Turkey involves not only opportunity, but also legal risk—including prospectus liability, disclosure breaches, and investor litigation. Istanbul Law Firm advises Boards, executive management, and advisors on legal exposure under CMB Law No. 6362 and related communiqués. Our Turkish Lawyers clarify civil and criminal liabilities of Board members for misleading prospectus, omission of material facts, or insider trading. We also guide on “safe harbor” disclosure protections and preemptive legal language. As the best lawyer firm in Turkey for capital markets defense, we ensure IPO disclosures are accurate, balanced, and legally shielded. Our English speaking lawyer in Turkey delivers director briefings and legal risk audits to international stakeholders.
Legal risk increases when third parties such as underwriters, legal advisors, and auditors are involved. Istanbul Law Firm negotiates limitation of liability clauses and indemnity arrangements in IPO agreements. Our Turkish Lawyers draft disclaimers for roadshow materials, secure consent letters for expert reports, and ensure legal opinions meet enforceability standards. We also handle post-IPO disputes involving share mispricing, listing delays, and investor loss claims. With our litigation readiness, clients know they’re protected against post-listing legal attacks. Our English speaking lawyer in Turkey works with global insurers and D&O liability carriers to structure coverage efficiently.
We also support whistleblower management, market manipulation investigations, and CMB administrative actions. Istanbul Law Firm responds to regulatory inquiries, prepares legal defenses, and represents companies in capital markets dispute boards. Our Turkish Lawyers maintain proactive compliance systems and internal audit documentation. With us, legal protection is not reactive—it’s embedded into your IPO architecture.
8. Why Istanbul Law Firm Is the Best Lawyer Firm in Turkey for IPOs
Istanbul Law Firm provides end-to-end IPO legal services—from corporate governance to listing day support and post-IPO compliance. Our Turkish Lawyers prepare the prospectus, manage CMB and BIST filings, coordinate with advisors, and draft enforceable underwriting, disclosure, and investor documentation. We’ve advised private companies, banks, and public institutions through successful listings. As the best lawyer firm in Turkey for capital markets, we bring deep legal insight, strategic clarity, and execution speed. Our English speaking lawyer in Turkey ensures global coordination with investors, funds, and international advisors.
We also support long-term compliance through governance trainings, insider trading audits, sustainability reporting, and investor relation document reviews. Istanbul Law Firm becomes not just your IPO counsel—but your capital markets legal partner. Our Turkish Lawyers ensure legal continuity beyond listing—through board evolution, secondary offerings, and investor demands. Our English speaking lawyer in Turkey bridges legal advice with international regulatory culture. Our legal infrastructure makes capital markets access sustainable, not just achievable.
When preparing your IPO Turkey strategy, choose a legal partner that aligns law, finance, and growth. Istanbul Law Firm delivers more than filings—we create capital-ready companies. With strategic foresight, technical rigor, and unmatched legal execution, your IPO becomes a long-term financial platform. Partner with us and list with legal confidence.
Frequently Asked Questions (FAQ)
- What is an IPO in Turkey? – An Initial Public Offering (IPO) is the process of offering a private company’s shares to public investors through Borsa Istanbul.
- Who regulates IPOs in Turkey? – The Capital Markets Board (CMB) of Turkey regulates all public offerings and securities markets.
- Can foreign investors participate in Turkish IPOs? – Yes. Foreign investors can buy shares through Turkish brokerages with proper KYC documentation.
- What are the requirements for an IPO in Turkey? – Audited financials, corporate governance compliance, CMB prospectus approval, and BIST listing eligibility.
- How long does the IPO process take? – Typically 6 to 12 months depending on company readiness and regulatory approvals.
- Is dual listing possible? – Yes. Turkish companies can list simultaneously in Istanbul and abroad with appropriate legal and accounting preparation.
- What are the legal risks in an IPO? – Disclosure liability, misstatements in prospectus, market abuse, and regulatory non-compliance.
- What legal documents are involved? – Prospectus, underwriting agreement, board resolutions, corporate governance reports, and shareholder notifications.
- Can Istanbul Law Firm help with IPO compliance? – Yes. We provide end-to-end legal services including post-IPO reporting, governance, and defense.
- Do you offer English-language support? – Absolutely. Our English speaking lawyer in Turkey supports global clients through every legal phase.
- What sectors can IPO in Turkey? – All sectors including tech, finance, energy, healthcare, manufacturing, and retail with proper eligibility.
- Who is the best IPO law firm in Turkey? – Istanbul Law Firm—renowned as the best lawyer firm in Turkey for capital markets, IPO structuring, and public listing support.
Contact Our Turkish IPO Lawyers Today
Planning to take your company public? Istanbul Law Firm delivers end-to-end IPO legal services—from governance and prospectus to listing and compliance. Our expert Turkish Lawyers and English speaking lawyer in Turkey ensure legal clarity, execution speed, and investor confidence. Work with the best lawyer firm in Turkey for a successful and compliant IPO.