BVS becomes fist crane manufacturer in Turkish stock exchange

BVS Cranes rang the bell in Borsa Istanbul as it became the first crane manufacturer at the Turkish stock exchange.

The bell ringing ceremony of BVS Bülbüloğlu Crane Industry, the first Turkish company in the crane industry to go public, was postponed due to the earthquake in February, and was held on 17 July 2023.

Borsa Istanbul general manager, Korkmaz Ergun; BVS chairman Önder Bülbüloğlu; Tera investment managers and distinguished guests attended the gong ceremony.

Bülbüloğlu started his speech by remembering those who lost their lives in the earthquake disaster on 6 February and condolences to all of Turkey. 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 200sqm, 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,” he said. “While exports accounted for 45% of our orders in 2022, this rate increased to 57% 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 and from Norway to Spain with our cranes working in 92 countries on 6 continents and with our sales organisations in 24 countries. We are rapidly progressing towards becoming a global brand with our own offices in Germany and the USA.”

Bülbüloğlu emphasised 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 to invest in its third factory, 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 realise 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.”