The lingerie maker, in which the U.S. buyout firm Carlyle Group owns 30%, is exploring going public in Istanbul as early as next year, according to people with knowledge of the matter, setting the stage for a rare initial public offering (IPO) by a local textile retailer.
Penti Giyim Ticaret AS has approached three financial advisers to manage an IPO and is working to meet regulatory requirements to ready the Istanbul-based company for a potential share sale, said the people, who asked not to be named because the plans are still confidential.
An IPO could take place next year or possibly later, but the timing will depend on investor appetite, the people said. Penti has yet to decide on the size of the stake it may offer, how much money it would seek to raise, or what valuation it aims to achieve, they said.
Founded in 1950 by members of the Kariyo family, who still own 70%, Penti has 300 stores in Turkey and a presence in around 29 countries. An IPO could involve both the sale of some shares by Carlyle and the family, two of the people said.