For Turkish companies exploring U.S. public markets, a listing can broaden investor access, increase international visibility and provide publicly traded shares for acquisitions. These opportunities come with preparation costs, ongoing disclosure obligations, potential dilution and exposure to market volatility.

Comparing the routes

The principal routes include a traditional underwritten IPO, a direct listing and a merger with a Special Purpose Acquisition Company (SPAC). The appropriate choice depends on funding objectives, business maturity, investor demand and listing eligibility.

Why consider a SPAC?

A SPAC raises capital through its own IPO and subsequently seeks an operating business to acquire. The business combination, known as a de-SPAC, involves valuation negotiations, due diligence, regulatory filings and required approvals.

This route may appeal to companies seeking to negotiate transaction terms with an identified sponsor and benefit from its relevant sector experience. However, neither speed nor funding certainty is assured. Shareholder redemptions can reduce available cash, while additional financing, sponsor interests and warrants can dilute existing shareholders.

Which companies may be suitable?

Potential candidates generally need a credible business model, a clear growth strategy, capable management and financial information that can withstand audit and investor scrutiny. Turkish companies with international ambitions and a well-supported investment case may consider assessing this route.

Sector alone does not establish suitability. Revenue quality, capital requirements, governance, ownership structure and public-company reporting capacity all matter. Businesses with unresolved accounting issues or unrealistic valuation expectations may need substantial preparation first.

Assess readiness before choosing a route

Lev Partners supports Turkish companies through financial preparation, equity-story development and adviser coordination. Any assessment must consider transaction-specific requirements and market conditions.

Contact us today to explore whether your company could be a suitable SPAC candidate—and what preparation may be needed.

Further reading: NYSE listing routes · SEC SPAC guidance