Hepsiburada's Asset-Backed Security Issuance Oversubscribed Amid Strong Investor Demand

Group 1: Company Overview - Hepsiburada is a leading e-commerce technology platform in Türkiye, connecting over 63 million members with approximately 230 million stock keeping units across over 30 product categories [3] - The company operates a hybrid model combining first-party direct sales and a third-party marketplace with over 101 thousand merchants [3] - Hepsiburada aims to lead the digitalization of commerce, providing a broad ecosystem of capabilities including last-mile delivery, advertising services, on-demand grocery delivery, and payment solutions through Hepsipay [4] Group 2: Recent Developments - Hepsiburada successfully issued its first asset-backed security (ABS) amounting to 150 million TRY as part of a 2 billion TRY limit approved by the Capital Markets Board [1][2] - The issuance included four tranches with a maximum maturity of 147 days, and interest rates varied between 54% to 57% depending on maturity [2] - The funds raised will be utilized to sustainably grow Hepsiburada's Buy Now Pay Later (BNPL) business and reduce its impact on working capital [6] Group 3: Social Impact - Since its founding in 2000, Hepsiburada has focused on leveraging digital capabilities to enhance the role of women in the Turkish economy [5] - The company initiated the 'Technology Empowerment for Women Entrepreneurs' program in 2017, supporting over 50.5 thousand female entrepreneurs throughout Türkiye [5] Group 4: Market Response - The ABS offering was significantly oversubscribed, with strong demand leading to an early termination of the marketing period [6] - Investors included major asset management companies, pension funds, and high-net-worth individuals, indicating significant investor appetite [6]