While investors had shied away from Turkish markets in recent years, disillusioned by Recep Tayyip Erdoğan's erratic economic policies, no fewer than thirty companies raised a total of $1.9 billion on Borsa Istanbul this year. 

This dynamism is partly due to renewed interest in buying shares in Turkey. The number of small investors, seeking protection from galloping and sustained inflation (+48% last month), the drastic fall in the lira and a potential loss of savings, has more than quadrupled since the start of 2019, to 5.1 million shareholders in the territory.

This momentum has been reinforced by the return of foreign investors, attracted by the measures taken by the Turkish Central Bank (TCMB): the latter surprised the market by raising its key rate by 750 basis points to 25%, a rise three times higher than expected. This decision was seen by some investors as a sign of independence on the part of the central bank, which seems determined to combat pressure on the currency. 

However, all is not rosy in this idyllic picture. Some industry players fear that the IPO craze is attracting lower-quality companies eager for quick profits. 

The rebound of the Istanbul financial center has enabled it to rank among the world's ten most dynamic markets for IPOs in 2023. A performance that proves that, even when faced with a bull, Turkey knows how to hold its horns.