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There are three methods for selling shares to investors:

1. Book Building

  -  Book Building at a Fixed Price
  -  Book Building with Price Bids
  -  Book Building within a Price Range

2. Sales in the Exchange

3. Sales Without Book Building

Companies going public have to use either book bulding or sales at the Exchange methods. Only sales at the Exchange method can be used in public offerings to be made at ECM.

Book Building at Fixed Price Method

This is the method where the issuer and/or shareholders designate a fixed price.

Book Building with Price Bids

Unlike Book Building at Fixed Price, a minimum offer price is determined by the issuer / shareholder and price bids above that are collected.

Book Building within a Price Range

A base and a ceiling price is set and investors' demands are collected within that price range. If the price range method is used, the difference between the ceiling price and the base price may not exceed 20%.

In all three methods, book bulding can be started earliest on the third day following the publication of the prospectus and the price determination report. In the event that the prospectus and the price determination report are announced on different days, this period starts with the date of publication of the later issued document.

Book building can be at least 2 working days and maximum 20 working days.

Bid orders collected by the intermediary organization are fulfilled according to distribution rules set in CMB's Communique II-5.2, among individual and institutional investors, and a distribution list is finalized and the public offering is completed.

Sales in the Exchange

Book bulding methods are used when shares are offered to public outside the Exchange by intermediaries. Companies may also offer their shares on the primary market of the Exchange. For that an application is submitted to the Stock Exchange and it must be accepted by the Board and announced. In addition to the "Continuous Trading" method, companies offering shares to public may use one of the following methods: " Book Building at a Fixed Price" or " Book Building with a Price Bid ".

In the method of sales on the Exchange, before approval of the prospectus by CMB, the Board of Directors of the Exchange decides on the application whether the public offering on the primary market will be accepted. Public offering at the Exchange may start the second business day following the announcement made by the Exchange taking into consideration the CMB regulations on publication of the prospectus and the price determination report.

If the offering made by an intermediary institution in the Exchange Primary Market is realized without book building, the sales period is two business days, and if realized book building, it is at least two and at max three business days.

Sales without Book Building

This method is used by public companies that are not traded in any exchange, whose shares are publicly offered directly by themselves or via the company assigned investment/brokerage house at a set price and offering method defined in the prospectus, excluding certain corporations that are defined in the related article of the CMB communiqué II-5.2 (Article no: 15, clause 3).