Approximately 49 percent of the shares of one of Turkey's largest garment brands, Beymen Mağazacılık AŞ, will be put up on the Borsa Istanbul Stock Exchange.

In its statement to the Public Disclosure Platform (KAP), Boyner Perakende ve Tekstil Yatırımları AŞ said an initial public offering (IPO) of solely owned subsidiary Beymen Mağazacılık AŞ of up to 49 percent of the TL 156.225 million share capital will be conducted in accordance with market conditions.

The company also said it aims to strengthen the financial structure of the company and establish a balance sheet structure to support sustainable and profitable growth with the said offering.

"Any two vice chairmen, Mustafa Türkay Tatar, Nur Mehmet İnal, Elif Çapçı and Serdar Sunar, are jointly authorized to designate and sign agreements with authorized agents, determine the price and other terms of the offering in a percentage equal to or less than 49 percent, make applications and conduct all proceedings that may be required or otherwise requested by competent authorities," the statement read.