Istanbul Pushes Ahead With IPO Plan for $10 Billion Gas Grid [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
An IPO of the Igdas gas grid is moving forward, according to Neslihan Vural, head of financial services at the Istanbul Metropolitan Municipality. She estimated the company could be valued as high as $10 billion once increased gas tariffs are approved. The government aims to gradually reduce its stake to less than 20% from more than 90% now, she added. “I am pro-privatization,” Vural said. “The municipality should eventually return to pure municipal works.” Igdas has long been the crown jewel of Istanbul's privatization list, though an attempt at an initial public offering in the early 2010s failed. Now that Turkey's opposition party has a majority on the Istanbul council, local officials see an opportunity to push ahead with fundraising plans to build infrastructure and strengthen their grip on the city. While a city council directive permitting the IPO still stands from the first attempt, there's legal work to be done and the company's charter must be adjusted before authorit
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