Saat&Saat listed with a 3.7 billion lira IPO, what can going public bring a retailer?

Look, in a capital increase the company issues new shares and keeps the money. In a shareholder sale, an existing owner sells part of their stake, and not a single lira goes into the company. At Saat&Saat, share capital is TL 620,222,018 before the IPO and TL 660,388,991 after it. That increase reflects the newly issued shares.

Book-building ran from 6 to 8 July 2026 at TL 56 per share. The offering drew 709,901 applications, 709,776 of them from individual investors. Demand was 1.78 times the allocation for domestic retail investors and 1.22 times for domestic institutions. The consortium leaders are Halk Yatırım and Garanti BBVA Yatırım.

Let me ask you one thing. When you read “a TL 3.7 billion IPO” in the news, do you assume the company raised TL 3.7 billion? Most of us do. The right way to read it is to separate the IPO size from the money that actually reaches the company.

A distributor typically buys from the brand up front or on short terms, then sells to stores and wholesale points on credit. In between, stock sits on the shelf and receivables wait to be collected. Saat&Saat has 185 sales points and 603 wholesale points, so its cash cycle stretches across a wide network.

Close to a fifth of the funds goes to reducing financial debt. That can mean a lighter interest bill. Still, the report gives no figure for the effect on profit, so we do not guess at one.

After an IPO, the company has to report how it uses the funds. Saat&Saat’s use-of-proceeds report on KAP, covering 1 January to 30 June 2026, is the first example of that duty. What was promised and what was done sit side by side in a public document.

Let’s say you pull your monthly revenue together from a different spreadsheet every month. That habit does not survive in a listed company. The numbers have to be auditable, consistent and on time. Saat&Saat is an organisation with 1,150 employees, which is a very different starting point from a 20-person business.

Decisions are no longer made only at the owner’s desk; you answer to investors. That also puts building a more institutional team on the agenda. We look at why home-grown managers matter through FLO Group’s internal promotions.

I run Adapte Dijital as a joint-stock company too. We are not listed, but I know how much discipline it takes to put the numbers on the table at the end of every month. Skip the month-end report once, and the next month brings twice the work.

Distributors representing several brands and chains growing through stores and franchises. Saat&Saat works with more than 30 brands and runs stores, franchises and shop-in-shop points together. In a structure like that, scale gives you a story you can tell investors.

Businesses with no reporting habit, where the owner knows revenue and margin off the top of their head. Here’s what I’ve noticed: most owners who want to grow talk about financing, not reporting. Yet at the IPO table, reporting is the first file anyone opens.

Dealers, franchisees and suppliers working with a listed distributor. When the other side reports more consistently, expectations at the contract table get clearer too. Staff are affected as well; we look at using perks to keep a team through TokenFlex’s Flexclusive programme.

For a brand like Saat&Saat, a customer searching for a watch and an investor searching for the ticker SSAAT end up on the same site. If the customer looking for a store lands on the balance sheet page, and the investor looking for a report lands on a product page, both walk out the door. Your page structure has to separate those two intents.

An IPO forces a company into monthly number discipline. That same discipline makes it easier to track average basket value, conversion rate and profitability by channel on the e-commerce side. My system idea is simple: close the finance report and the digital report on the same day, from the same table.

Talking about timing in a watch company’s IPO is a little too easy, but I cannot resist. Here’s the serious side: a company that reports its numbers on time also makes decisions on time in its digital channels.

That depends on your revenue, your record-keeping and the conditions set by regulation. Get information from official sources and licensed intermediaries. This is not investment advice, nor legal advice.

No. Only the proceeds from shares issued through a capital increase go to the company. In a shareholder sale, the money goes to the shareholder selling the shares.

The use of funds is tied to the plan disclosed in the IPO and is reported on KAP. Saat&Saat’s use-of-proceeds report dated 18 August 2026 is one example.