BVS Cranes marks being first crane maker on Turkey’s stock exchange at bell-ringing ceremony

 BVS Cranes has taken part in the bell-ringing ceremony marking the start of the day’s trading at the Borsa Istanbul, Turkey’s stock exchange.

BVS Cranes’ participation in the ceremony – it is the first company in the crane industry to go public on the Turkish stock exchange – occurred on 17 July 2023.

The opening and closing of the markets in the Borsa Istanbul are announced to the traders and the public by ringing a bell symbolically. Such announcements are turned into a celebration on particularly special days and occasions.

BVS Cranes used the funds obtained from the public offering in its third factory investment, which was completed in Ankara and started operating in July 2023, and to further strengthen its working capital. The investment will increase production capacity by 50% and employment by 30%.

BVS chairman Önder Bülbüloglu said: “As with our innovative products and patents that reduce Turkey’s dependence on imported products and strengthen export power, we have become the first crane company to realise this by being a leader in the Turkish crane industry in public offering. We believe it will further consolidate our strength as well as being a more stable and transparent company.”

Bülbüloglu emphasised that he is proud of the interest shown by investors in the public offering, and that the demand from individual investors is 220.9 times the final allocation amount, and 130.5 times the demand in all categories in total. He added that 403,568 investors participated in the public offering and distribution was made to 373,600 of these investors.

As well as Bülbüloglu, Borsa Istanbul general manager Korkmaz Ergun, financial institution Tera Investment Managers, which organised the public offering, and other distinguished guests attended the gong ceremony.

Bülbüloglu started his speech by remembering those who lost their lives in the earthquake disaster on 6 February and offering condolences to all of Turkey. Bülbüloglu stated that they held the bell-ringing ceremony with a bittersweet joy. The ceremony had been postponed from its original date due to the earthquake.

“Our passion for industry, which started 37 years ago in a workshop smaller than 200m2, has made us the indisputably largest company in the sector with more than 400 employees operating in production areas of 100,000m2 today,” Bülbüloglu said.

“While exports accounted for 45% of our orders in 2022, this rate increased to 57% in the first six months of 2023 – not only in our country, but also from Australia to Iceland, from Russia to Kenya, from Bolivia to New Zealand, and from Norway to Spain, with our cranes working in 92 countries on six continents, with our sales organisations in 24 countries. We are rapidly progressing towards becoming a global brand with our own offices in Germany and the US.”

BVS Cranes marks being first crane maker on Turkey’s stock exchange at bell-ringing ceremony