ISTANBUL, Oct 22 (Reuters) - Ran Lojistik, a Turkish transport company, said on Thursday it will hold an initial public offering on the Istanbul Stock Exchange next week, one of the few sales planned for this year amid the economic slowdown.
Ran will float a 25.2 percent stake during the offering on Oct. 26, 27 and 28, Chairman Ramiz Benli told a news conference.
Revenue from the sale, which will increase Ran's capital by 79 percent to 12.7 million lira ($18.7 million), will be used to expand the number of warehouses it operates, Benli said.
"The slowdown in global trade ... stemming from the worldwide financial crisis that began in 2008 affected the logistics sector, so when I look at our revenue expectations from that perspective, we had a successful year," Benli said.
Ran's sales may fall between 10 and 18 percent this year, from 39 million lira in 2008, he said.
Turkey's economy shrank a record 14 percent in the first quarter, led by its manufacturing sector, as export markets in Europe contracted.
The number of IPOs in Turkey has fallen to a yearly average of about six, compared with an average of some 25 in the 1990s, a reflection of the global slowdown in the IPO market.
The last major public offering in Turkey was last year from landline monopoly Turk Telekom, the country's largest ever in dollar terms, worth some $2 billion.
Since then, the main Turkish stock index has gained some 27 percent.
Ran, established in 1990, has partnerships in more than 20 countries, mainly in the United States and European Union.
Benli said the company wants to expand into air and marine transport and was seeking foreign partners in those sectors with which to establish an overseas network. (Reporting by Birsen Altayli, writing by Ayla Jean Yackley; Editing by Rupert Winchester)