Offering an innovative and sustainable transportation alternative, Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş (BinBin) is going public under the leadership of Bulls Investment. The public offering will be realized on October 3-4 with the code BINBN.HE through the “Sale on the Stock Exchange” method.
Stating that BinBin has become an innovative technology company that is growing day by day, Kadir Abdik, Member of the Board of Directors of BinBin, said: “As BinBin, we want to be a pioneer in implementing the concept of green transportation in Turkey and Europe and to get more share from this growing sector. The IPO is an important opportunity for BinBin to strengthen its technology infrastructure and consolidate its presence in international markets. We will be delighted to welcome our investors to this exciting journey.”
BinBin, the first Turkish micromobility company to expand abroad, is going public. Under the leadership of Bulls Investment, it will be possible to participate in the offering, which will take place on 3-4 October 2024 with a fixed price of 91.85 TL per share through the “Sale on the Stock Exchange” method, with the code BINBN.HE.
Due to the increase in the issued capital of Bin Ulaşım ve Akıllı ŞehirTeknolojileri from TL 100 million to TL 112 million, shares with a nominal value of TL 12 million were issued in the form of capital increase and shares with a nominal value of TL 4 million 750 thousand owned by 1000 Yatırımlar Holding A.Ş., shares with a nominal value of TL 25 thousand owned by Re-Pie Portföy Yönetimi A.Ş. Altun Capital Venture Capital Investment Fund and shares with a nominal value of TL 25 thousand owned by Re-Pie Portföy Yönetimi A.Ş. BİNBİN Venture Capital Investment Fund. Ş. Altun Capital Venture Capital Investment Fund with a nominal value of TL 25 thousand and Re-Pie Portföy Yönetimi A.Ş. BİNBİN Venture Capital Investment Fund with a nominal value of TL 225 thousand will be offered for sale through shareholder sales. The public offering size of the shares with a nominal value of TL 17 million in total is targeted to be TL 1 billion 561 million 450 thousand. After the public offering, the free float ratio is planned to be realized as 15.18%.
“We plan to localize 30% of our fleet by 2026”
Stating that they offer a sustainable and economical transportation alternative while making short-distance journeys fun with BinBin, Kadir Abdik, Member of the Board of Directors of BinBin, said, “We started our operations on university campuses in 2019 and started to move our operations to cities as of 2020. We aim to reduce carbon emissions and spread sustainable transportation by developing environmentally friendly technologies. Today, we provide services in Istanbul, Konya, Antalya, Eskişehir, Samsun, Adana, Kocaeli, Bursa, Gaziantep, Uşak and Sakarya. As the first Turkish company to expand abroad in the field of micromobility, we continue our operations in Albania, Bulgaria, Bosnia and Herzegovina and Northern Macedonia. 87.20% of our fleet is located in Turkey and 12.80% abroad. We continue to work on the localization and nationalization of the scooters in our fleet. By the end of 2025, we aim to replace 30% of our domestic fleet with domestic scooters.”
“We aim to be the Super App of transportation”
“The global bicycle and scooter rental market, which was USD 2.44 billion in 2022, is expected to reach USD 8.08 billion by 2030, growing at a CAGR of 16.15% during the forecast period 2023-2030. In Turkey, the electric scooter category has held the largest share of the Turkish micromobility market over the past few years, according to P&S Intelligence’s research. It is estimated that micromobility solutions such as electric scooters and bicycles will show a higher growth rate in the Turkish market in the coming years. As BinBin, we want to be a pioneer in implementing the green transportation approach in Turkey and Europe and get more share from this growing sector. We aim to become the Super App of transportation by developing our BinBin mobile application.”
“We will evaluate new investment opportunities with the IPO”
Stating that the IPO is an important step for new investment opportunities, Abdik said, “We want to be a reliable and leading high-tech company that produces solutions at international standards in Turkey and abroad, attaches importance to customer and employee satisfaction, and focuses on the continuous development of our employees and processes. The IPO is an important opportunity for BinBin to strengthen its technology infrastructure and consolidate its presence in international markets. With the equity that will increase with the IPO, we aim to finance new investments, especially company acquisitions, and to evaluate the opportunities in the sector and the opportunities that will arise. In addition, we plan to use the proceeds for investments such as the renewal of our existing e-scooter fleet and other vehicle and equipment purchases we need. We will be delighted to welcome our investors on this exciting journey.”
Approximately 363 million TL revenue in the first half of 2024
In the first half of 2024, BinBin, together with its other overseas subsidiaries, generated revenues of 363 million TL, an increase of approximately 20% compared to the same period last year. Together with its foreign subsidiaries, BinBin generated revenues of 674 million TL in 2023, 662 million TL in 2022 and 242 million TL in 2021. BinBin, which realized a very high revenue growth of 173% in 2022 compared to the previous year, maintained this revenue in 2023 and added 2% more at the end of the year. Continuing to grow both domestically and in different countries, BinBin managed to keep its gross profit margin at 45% thanks to its strong cost policy.
Legal Notice
This document is for informational purposes only and in no way constitutes a public call for the purchase of capital market instruments or a recommendation regarding capital market instruments. Neither the CMB nor the Stock Exchange has any discretionary authority or approval in determining the public offering price. The Prospectus and its annexes containing information about the Company and the public offering and the Announcement of Sale to Savings Holders have been published on the websites of KAP (www.kap.org.tr), Bin Ulaşım ve Akıllı Şehir Teknolojileri A.Ş. (www.binbin.tech) and Bulls Yatırım (www.bullsyatirim.com). Investors are required to make their investment decisions by reviewing the Board-approved Prospectus and its annexes and the Announcement of Sale to Savings Holders published at the mentioned addresses.
About BinBin
BinBin, operating under 1000 Investments Holding, is a technology brand that makes short-distance journeys fun and offers an environmentally friendly and economical transportation alternative. BinBinBin, which serves in the field of smart city technologies and micro-mobility, has decided to move its operations, which started on university campuses in 2019, to cities as of 2020 and offers a practical and sustainable transportation option to users looking for different alternatives in transportation. BinBinBin aims to reduce carbon emissions by developing environmentally friendly technologies and continues to work with sensitivity and sensitivity for future generations. BinBin serves users in Istanbul, Konya, Antalya, Eskişehir, Samsun, Adana, Kocaeli, Bursa, Gaziantep, Uşak and Sakarya. BinBin, the first company to expand abroad, continues its operations in Albania, Bulgaria, Bosnia and Herzegovina and North Macedonia, and continues to expand its network day by day.
