The leading Haci Omer Sabanci Holding withdrew an initial public offering (IPO) valued at about $30 million in its textile subsidiary Bossa on 15 December because of adverse market conditions. The IPO, part of a series by the holding company, will probably be delayed into the first quarter of 1995, say market sources (MEED 9:12:94).

The arrangers, Istanbul's Global Securities with co-manager UBS and selling agent Kleinwort Benson, advised the withdrawal, because of pressure building up on foreign exchange and the likelihood of faster lira depreciation in early 1995 (see above). In the nervous mood on the Istanbul stock exchange, the share price probably would not have satisfied the holding company, although the international book had been oversubscribed by one and a half times, analysts say.

The aim was to split the offer of about 15 per cent of Bossa's equity equally between the domestic and international markets. After the domestic offering on 22 and 23 December, the shares had been due to start trading on the exchange on 28 December.

The holding company is planning eventually to take all of its diverse subsidiaries public, in tranches. The first tranche of around four started with leading insurance company Aksigorta in late November. After Bossa may come a synthetic fibre subsidiary, Sasa. The offering in this company, probably in the third quarter of 1995, will be far larger at about $200 million. The fourth candidate has not yet been disclosed, although market attention is focusing on steel tyre cord maker Beksa.