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BIST · Europe

Borsa Istanbul

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026
Location
Istanbul, Turkey
Regulator
Capital Markets Board of Turkey (SPK / CMB)
Trading currency
TRY
Indicative timeline
Not specified

Listing segments

BIST Stars Market (Yildiz Pazar)

Minimum market capitalisation
USD 100m
Minimum free float
10%
Track record
2 years
Profit required
Yes
Minimum shareholders
Not specified
Lock-up
12 months

Kotasyon Yonergesi art. 8 (13th revision, 21.09.2026): market value of shares offered at least TRY 4bn (approx. USD 100m); offered shares at least 10% of capital (not required if offered value exceeds TRY 6bn and ratio exceeds 6%); at least 2 calendar years since incorporation; net profit in audited accounts for the last 2 years; equity/capital ratio above 1. Alternative if profit or equity tests fail: operating profit in the last year and interim period, offered value at least TRY 5bn, not a pure secondary sale, board decision. Shares bought by investors taking 10%+ and by top management are excluded from float. SPK also requires total assets at least TRY 3.6bn and net sales at least TRY 1.8bn (2025 accounts) for an IPO application. Under the SPK Share Communique, controlling shareholders and 10%+ holders may not sell on the exchange below the IPO price for 1 year (secondary sources).

BIST Main Market (Ana Pazar)

Minimum market capitalisation
USD 25m
Minimum free float
20%
Track record
2 years
Profit required
Yes
Minimum shareholders
Not specified
Lock-up
12 months

Art. 8 (revision 21.09.2026): market value of shares offered at least TRY 1bn (approx. USD 25m); Main Market covers offered value of TRY 1bn-4bn; offered shares at least 20% of capital; at least 2 calendar years since incorporation; net profit in audited accounts for the last 2 years; equity/capital ratio above 1. SPK total assets and net sales thresholds and the 1-year no-sale-below-IPO-price rule apply as for Stars.

BIST SubMarket (Alt Pazar)

Minimum market capitalisation
USD 10m
Minimum free float
25%
Track record
2 years
Profit required
Yes
Minimum shareholders
Not specified
Lock-up
12 months

Art. 8 (revision 21.09.2026): market value of shares offered at least TRY 400m (approx. USD 10m); SubMarket covers offered value below TRY 1bn; offered shares at least 25% of capital; at least 2 calendar years since incorporation; net profit in audited accounts for the last 2 years; equity/capital ratio above 1.25.

Foreign issuers

Kotasyon Yonergesi art. 22: securities of foreign issuers (incl. depositary receipts) are subject to the same listing conditions, without prejudice to SPK rules. For dual listing without a public offering, float ratio and value are taken from the home exchange. Securities traded on the main markets of foreign exchanges designated by the BIST Board may be listed without further conditions once SPK approves the prospectus. The Board may impose additional conditions or waive some.

Recent changes

SPK decision of 30.12.2025 (No. 68/2461) raised IPO financial thresholds by 50%: total assets TRY 3.6bn and net sales TRY 1.8bn based on 2025 accounts (TRY 2.4bn and TRY 1.2bn based on 2024 accounts). Borsa Istanbul Listing Directive 13th revision of 21.09.2026 doubled market thresholds: minimum offered value Stars TRY 4bn (was 2bn), Main TRY 1bn (was 500m), SubMarket TRY 400m (was 200m). The previous revision of 31.12.2024 had also raised thresholds.

Strengths

  • Profitable Turkish and regional companies seeking a large, active retail investor base
  • Issuers in strategic sectors (lower SPK asset and sales thresholds)
  • Foreign companies already listed on designated major exchanges (simplified dual listing)

Watch-outs

  • Profit required for 2 years on every market; thresholds in TRY are revised often (doubled in September 2026)
  • High lira inflation and currency volatility affect valuation and USD equivalents
  • Controlling shareholders face a 1-year restriction on selling below the IPO price

Sources

  1. 01Borsa Istanbul - Kotasyon Yonergesi (Listing Directive), revision 13, 21.09.2026primary source
  2. 02SPK - Pay Tebligi (VII-128.1) Share Communiqueprimary source
  3. 03Paksoy - Halka arz esikleri yukseltildi (January 2026)
  4. 04Legal500 / Mondaq - SPK ve Borsa Istanbul halka arz ve kotasyon esiklerini yukseltti (January 2025)

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer