Gentaş Kimya IPO Approved: Details and Financial Outlook

Company Overview Gentaş Kimya produces formaldehyde solutions, urea‑formaldehyde resin, melamine‑formaldehyde resin, phenol‑formaldehyde resin, cast resin, novolak resin, and acrylic panels across seven main product groups.
New Facility Investment In 2018, the company began a new plant investment in the Kocaeli Dilovası GEBKİM Chemical Specialty Organized Industrial Zone, covering 65,000 square meters of enclosed area.
The facility has an annual capacity of 450,000 tons of resin and 450,000 acrylic panels.
Investments for acrylic solid surface production were completed, and production started in April 2020.
IPO Details The offering price is set at 11 Turkish lira, with a total offering size of 1.3 billion lira.
The company will offer 124,845,000 shares, representing a 20.5 % public float.
The IPO will be conducted through a uniform distribution method.
The listing date and ticker symbol will be confirmed after the approval notice is published.
Ownership Structure There are nine shareholders holding more than 5 % of the capital.
Share distribution is as follows: 34.5 % – Macit Aydın 14.5 % – Gentaş Dekoratif 7 % – Seyit Mehmet Mutlu 6 % – Tahsin Kahraman 5.5 % – Orhan Kahraman 5 % – Mehmet Ziya Kahraman 5 % – Abdurrahman Kahraman 5 % – Didem Aydın 5 % – Abdurrahman Kahraman (Tahsinoğlu) Financial Performance In 2022, the company recorded revenue of 5.2 billion lira and gross profit of 833.7 million lira.
In 2023, revenue fell to 3.7 billion lira with gross profit of 727.6 million lira.
In the first half of 2024, revenue was 1.6 billion lira and gross profit 388.8 million lira.
Use of IPO Proceeds The company plans to allocate the IPO proceeds as follows: 45–55 % for working capital 15–25 % for new market access 15–25 % for debt reduction 5–15 % for product R&D With the new capital, Gentaş Kimya aims to expand production capacity and increase market share, strengthening its growth strategy and position in the sector.