... [+]Turkey’s largest online retailer, Hepsiburada, made its U.S. stock market debut on Thursday, propelling the company’s chairwoman and founder, Hanzade Dogan-Boyner, to billionaire status.
Her stake in Hepsiburada—which listed under the name D-Market Electronic Services and Trading on the Nasdaq exchange with the ticker “HEPS”—was worth just under $1 billion at the close of trading on Tuesday. According to Hepsiburada’s filing with the U.S. Securities and Exchange Commission, Dogan-Boyner owns 21.5% of the company and holds 71% of its voting power. The stake—plus real estate investments, family holdings and a sports betting company—make Dogan-Boyner worth an estimated $1.
Hepsiburada began by selling electronics, but morphed into Turkey’s equivalent to Amazon, selling everything from cosmetics and home decor to garden appliances and pet toys. The business generated $733 million in revenues from 9 million active customers and 33 million members in 2020. It posted a net loss of $55 million last year.
Hepsiburada’s American Depositary Shares began trading at $12.75 on Thursday, up from their IPO price of $12 per share. The stock rose by over 10% on the company’s first trading day and closed at $13.25. By Tuesday’s market open, shares were trading at $14.46, giving the Turkish e-commerce platform a $4.58 billion market capitalization.
Dogan-Boyner is one of the few women behind a multimillion-dollar IPO. She is also the founder of Nesine, a privately held company that is one of Turkey’s largest sports betting online platforms.
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