THE WHAT? Turkish e-commerce platform Hepsiburada has announced the closing of its US IPO of 65,251,000 ADSs, priced at US$12 per unit.
THE DETAILS Chairwoman and Founder Hanzade Dogan-Boyner saw her stake hit a value of nearly US$1 billion as trading closed on Tuesday, per Forbes, taking her net worth to US$1.5 billion.
Turkey’s answer to Amazon racked up some US$733 million in revenues from its 9 million active users last year, posting a net loss of US$55 million.
THE WHY? With the pandemic closing physical stores across the world, e-commerce has boomed and Hepsiburada is no exception.