BVS CRANES RINGS THE BELL IN “BORSA ISTANBUL” AS THE FIRST CRANE MANUFACTURER AT THE TURKISH STOCK EXCHANGE
The bell ringing ceremony of BVS Bülbüloğlu Crane Industry, the first company in the crane industry to go public, was postponed due to the earthquake in February, and was held on July 17, 2023.
Borsa İstanbul General Manager Korkmaz Ergun, BVS Chairman Önder Bülbüloğlu, Tera Investment Managers and distingushed guests attended the gong ceremony.
BVS Chairman Önder Bülbüloğlu started his speech by remembering those who lost their lives in the earthquake disaster on 6 February and condolences to all of Turkey. Önder Bülbüloğlu stated that they held the bell ringing ceremony, which they postponed due to the earthquake, with a bittersweet joy.
“Our passion for industry, which started 37 years ago in a workshop smaller than 200 square meters, has made us the indisputably largest company in the sector with more than 400 employees operating in production areas of 100 thousand square meters today. While exports accounted for 45 percent of our orders in 2022, this rate increased to 57 percent in the first 6 months of 2023. Not only in our country, but also from Australia to Iceland, from Russia to Kenya, from Bolivia to New Zealand, from Norway to Spain with our cranes working in 92 countries on 6 continents, with our sales organizations in 24 countries. We are rapidly progressing towards becoming a global brand with our own offices in Germany and USA.”
Bülbüloğlu emphasized that he is proud of the interest shown by the investors in the public offering, 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, “403,568 investors participated in our public offering and distribution was made to 373,600 of these investors” he said.
BVS used the funds obtained from the public offering in its 3rd 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%. Bülbüloğlu 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 realize this by being a leader in Turkish crane industry in public offering. We believe it will further consolidate our strength as well as being a more stable and transparent company ”