D-MARKET Elektronik Hizmetler
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Hepsiburada completed its initial public offering (“IPO”) on or about July 1, 2021, selling approximately 57 million American Depositary Shares (“ADSs”) for $12.00 per ADS. Then, Hepsiburada announced its second quarter 2021 financial results on August 26, 2021, reporting revenue growth of 5.2%. D-MARKET also reported “lower gross contribution driven primarily by investments to fortify our position in electronics, investments to penetrate in high frequency categories as well as higher customer demand for low margin products.” On August 26, 2021, D-MARKET’s ADS price fell $3.05, or 25%, to close at $8.97 per ADS on this news, significantly below the IPO price. D-MARKET’s ADSs have continued to fall and currently trade at less than half of the IPO price.