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Turkey's Mavi Jeans Sets Sail On Borsa Istanbul

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Share prices reach over $12 as clothing manufacturer floats on stock exchange

Turkey’s Mavi Jeans on Thursday floated on Borsa Istanbul with a share price of 43 Turkish liras (over $12) giving the company a market capitalization of over $700 million.

The clothing manufacturer’s shares jumped up by four percent to 44.76 Turkish liras before break time.

Speaking at a gong ceremony at the stock exchange of Istanbul, the company's chief executive, Cuneyt Yavuz, said: "We trust Turkey, which has an excellent textile ecosystem and young population....We will make 'Mavi' a true global brand."

Mavi Jean’s IPO, which was the largest in Istanbul for four years, was held on June 8-9. Nearly 74 percent of shares were bought by foreign corporate investors.

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