Corporate Finance

Access to Capital Through Market Expertise

A public offering represents a general invitation to investors to purchase capital market instruments, followed by the sale of those instruments. The issuer refers to the legal entity that issues or applies to the Capital Markets Board of Türkiye (CMB) to issue such instruments, or whose securities are offered to the public.

Public offerings may be executed through capital increases, the sale of existing shares, or a combination of both methods.
At Bulls Yatırım, we act as a lead manager or syndicate member in public offerings, providing comprehensive intermediary and advisory services. Through our experienced corporate finance and research teams, we also facilitate investor participation in public offerings, ensuring a smooth and transparent process for both issuers and investors.

At Bulls Yatırım Securities, we provide advisory and intermediation services for capital increase transactions of publicly listed companies, including rights issues, bonus issues, and private placements.

Within this scope, we assist clients throughout all procedural stages with the Central Securities Depository (MKK), Istanbul Settlement and Custody Bank (Takasbank), and Borsa İstanbul (BIST) to ensure the smooth execution of shareholder rights and related processes.

Following the exercise of pre-emptive rights by existing shareholders, Bulls Yatırım also acts as an intermediary in the sale of remaining shares on the Borsa İstanbul Primary Market, providing a transparent and efficient capital-raising process.

At Bulls Yatırım, we provide advisory and intermediation services for mergers and acquisitions (M&A) to support companies in achieving their strategic growth objectives and accessing necessary financing.

Our M&A advisory services cover a wide range of activities including identifying target companies, conducting due diligence, providing general coordination, managing negotiation processes, and offering comprehensive financial advisory. Through our end-to-end approach, we assist clients throughout every stage of the transaction to ensure successful outcomes.

At Bulls Yatırım Securities, we provide comprehensive advisory and intermediation services for the issuance and sale of various debt instruments, including bonds, convertible bonds, exchangeable bonds, commercial papers, precious metal notes, and other capital market instruments recognized as debt securities by the Capital Markets Board of Türkiye (CMB).

Our services cover the entire issuance process—from obtaining the necessary regulatory approvals from the CMB to managing application procedures and coordinating with relevant institutions.

Leveraging the experience of our Corporate Finance and Institutional Sales teams, Bulls Yatırım offers end-to-end advisory and placement services designed to meet the diverse financing needs of both public and private companies, ensuring efficient access to capital through the debt markets.

At Bulls Yatırım Securities, we provide comprehensive advisory and intermediation services to support companies in achieving their strategic growth objectives and securing the financing necessary to reach them.

Our Mergers and Acquisitions (M&A) Advisory services cover every stage of the transaction process — from identifying potential target or buyer companies to conducting detailed due diligence, managing overall coordination, leading negotiation processes, and providing strategic and financial advisory throughout the deal.

With deep industry expertise and a results-driven approach, Bulls Yatırım delivers tailored solutions that help clients navigate complex transactions and create long-term value.

In cases such as mergers and acquisitions involving publicly listed companies, changes in management control, significant asset purchases or disposals, or alterations in a company’s primary line of business, certain obligations arise under capital markets regulations — including mandatory tender offers, exit rights, and squeeze-out or sell-out rights.

At Bulls Yatırım Securities, we provide comprehensive advisory and intermediation services throughout these regulatory processes, ensuring full compliance with Capital Markets Board (CMB) requirements and supporting our clients in executing each stage with transparency, precision, and efficiency.

At Bulls Yatırım Securities, we act as an intermediary for block trades and over-the-counter (OTC) transactions involving shares of publicly listed companies, in full compliance with the Capital Markets Board (CMB) regulations and Borsa İstanbul (BIST) procedures.

In block trades, we facilitate the bulk sale or purchase of shares owned by existing shareholders—either through pre-arranged agreements or negotiated transactions—as well as the trading of newly issued shares resulting from capital increases.

In over-the-counter transactions, Bulls Yatırım intermediates trades of capital market instruments listed on the Equity Market, within Borsa İstanbul’s defined price and volume parameters. These transactions involve matching buy and sell orders—either from the same or different clients—without entering them into the central order book, ensuring efficient and confidential execution.

In accordance with Article 29, paragraph 2 of the Communiqué on Shares (VII-128.1) published in the Official Gazette No. 28685 on June 22, 2013, titled “Price Determination Report and Analyst and Evaluation Reports”, it is stated that:

“The Price Determination Report prepared by the intermediary institution responsible for the public offering may be analyzed by another authorized institution. The institution preparing the analyst report must not act as the lead or co-lead manager in the related public offering. When such an analyst report is prepared, it must include an opinion on the offering price and be published no later than the first day of the public offering both on the Public Disclosure Platform (KAP) under the issuer’s section and on the website of the institution preparing the report.”

Within this framework, the Analyst Reports prepared by Bulls Yatırım Securities Inc. in relation to Price Determination Reports are presented below.