ISTANBUL, Feb 5 (Reuters) - Turkey’s Enerjisa Enerji set its initial public offering (IPO) price at the bottom of its predicted range, a regulatory filing showed on Monday, setting the value of its flotation at around $393 million.
Enerjisa, a utility jointly owned by Turkish conglomerate Sabanci and German energy firm E.ON, sold 236.2 million shares at the bottom end of its previously announced range of 6.25-7.50 lira a share, according to a filing from its bookrunner.
That values the flotation at 1.48 billion lira ($393 million).
The flotation represents 20 percent of Enerjisa’s capital, valuing the entire firm at just shy of $2 billion. Enerjisa distributes energy to some 20 million people in Turkey.
The firm has previous said it plans to distribute its first dividend in 2018 and aims to pay around 60-70 percent of its distributable profit as dividends. ($1 = 3.7653 liras) (Reporting by Ceyda Caglayan; Writing by David Dolan; Editing by Daren Butler)