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

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Jun 12, 2024, 10:40 ET

ISTANBUL, June 12, 2024 /PRNewswire/ -- D-MARKET Electronic Services & Trading (d/b/a "Hepsiburada") (NASDAQ: HEPS), a leading Turkish e-commerce platform, announced the successful issuance of its first asset-backed security (ABS) amounting to 150 million TRY. This issuance is part of the 2 billion TRY limit approved by the Capital Markets Board to PASHA Yatırım Bank Hepsiburada Asset Finance Fund. PASHA Bank, a pioneer in ABS issuances, recently launched Türkiye's first digital platform to merge its ABS expertise with the digital world. One of the first issuances on this digital platform was for Hepsiburada.

The issuance, which took place on June 5, 2024, includes four tranches with a maximum maturity of 147 days. The interest rate varies between 54% to 57% depending on the maturity. Hepsiburada participated as the originating entity, leveraging its Buy Now Pay Later (BNPL) receivables for this structure.

The funds raised through this issuance will be utilized to sustainably grow Hepsiburada's BNPL business and reduce its impact on working capital. The offering was significantly oversubscribed, and the marketing period was terminated early due to this strong demand, reflecting significant investor appetite. Investors in the issuance included major asset management companies, pension funds, and high-net-worth individuals.

About Hepsiburada

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. Hepsiburada provides goods and services through its hybrid model combining first-party direct sales (1P model) and a third-party marketplace (3P model) with over 101 thousand merchants.

With its vision of leading the digitalization of commerce, Hepsiburada acts as a reliable, innovative and purpose-led companion in consumers' daily lives. Hepsiburada's e-commerce platform provides a broad ecosystem of capabilities for merchants and consumers including: last-mile delivery and fulfilment services, advertising services, on-demand grocery delivery services, and payment solutions offered through Hepsipay, Hepsiburada's payment companion and BNPL solutions provider. HepsiGlobal offers a selection from international merchants through its inbound arm while outbound operations aim to enable merchants in Türkiye to make cross-border sales.

Since its founding in 2000, Hepsiburada has been purpose-led, leveraging its digital capabilities to develop the role of women in the Turkish economy. Hepsiburada started the 'Technology Empowerment for Women Entrepreneurs' programme in 2017, which has supported over 50.5 thousand female entrepreneurs throughout Türkiye to reach millions of customers with their products.

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SOURCE Hepsiburada