Turkey's UN Ro-Ro is reportedly plotting an IPO this year.
That is according to sources cited by Bloomberg, who said the ro-ro company's owners Actera Group and Esas Holding are likely to work with Citigroup and Morgan Stanley on the deal.
The shipowner is also talking to domestic companies Is Yatirim Menkul Degerler and Garanti Yatirim Menkul Kiymetler over advisory roles.
None of the companies is commenting so far.
The timing seems to be right for Turkish IPOs, with about a dozen worth up to $4bn on the cards in 2018, according to Turkish brokerages.
Turkish buy-out firms Actera and Esas bought 97.6% of U.N. Ro-Ro from private equity giant KKR in 2014 for EUR 700m ($869m). This was EUR 50m more than its net debt at the time.
KKR had paid EUR 910m for the company in 2007.
Expanded in 2017
The company operates between Turkey and western Europe.
In 2017, U.N. snapped up the ro-ro fleet of compatriot Ulusoy.
The shipowner said it had completed a share purchase agreement, bringing about a “significant” investment with an enterprise value of EUR 215m.
U.N. already had a fleet of 12 modern ships trading to Europe.
Istanbul-based Ulusoy had five ro-ros: three of 4,094 lane metres built in 2012 and 2013, and two of 2,760 lane metres dating from 1987. It also owns bulkers and a reefer.
