Monitor upcoming 2026 Q3 results for use of proceeds and any operational improvement. The cash injection reduces near-term liquidity risk but does not address the underlying earnings trajectory. Watch for additional strategic moves by Kaspi.kz.
Price Chart
Executive Summary
Hepsiburada (HEPS) completed a capital increase of TRY 9.32 billion (TRY 14.3 million nominal value, TRY 9.31 billion share premium), fully paid and registered on September 8, 2026. Registered share capital rose to TRY 86.7 million across 433.3 million shares. The infusion provides significant liquidity to a company with widening losses (2025 net loss TRY 5.7 billion) and recent change of control to Kaspi.kz.
Key Facts
- Capital increase of TRY 9,321,419,250 completed, fully paid.
- Share capital increased to TRY 86,653,816.80 divided into 433,269,084 shares (TRY 0.20 par value).
- Approved at EGM on August 14, 2026; registered September 8, 2026.
- Large cash injection follows a 20-F reporting a widened net loss (TRY 5.7B vs TRY 2.1B in 2024) and change of control.
Financial Impact
Capital increase of ~TRY 9.3 billion (dilution of existing shares but provides substantial cash cushion). No new revenue or earnings figures provided.
Risk Factors
- Continued net losses may erode the newly raised capital.
- Macroeconomic and currency risks in Turkey (TRY depreciation).
- Potential further dilution if additional capital raises are needed.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-106148 |
| Document: tm2624981d1_ex99-1.htm | 0001104659-26-106148 |
| Document: 0001104659-26-106148-index-headers.html | 0001104659-26-106148 |
| Document: 0001104659-26-106148-index.html | 0001104659-26-106148 |
| Document: 0001104659-26-106148.txt | 0001104659-26-106148 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Press Release | $2.48 | awaiting T+20 | — | $2.80 (+12.90%) |
Sep 9, 2026 6w ago | 6-K | $2.65 $2.65 | · 0.00% | ▼ −1.94% | $2.80 (+5.66%) |
Aug 20, 2026 9w ago | 6-K | $2.67 $2.50 | ▲ +6.37% | ▲ +6.37% | $2.80 (−4.87%) |
Aug 6, 2026 11w ago | Press Release | $2.77 $2.68 | ▲ +3.43% | ▲ +3.03% | $2.80 (−1.08%) |
Jul 23, 2026 13w ago | 6-K | $2.84 $2.67 | ▼ −5.99% | ▼ −9.29% | $2.80 (−1.41%) |
Jul 14, 2026 14w ago | Press Release | $2.96 $2.84 | ▲ +4.05% | ▲ +6.40% | $2.80 (+5.41%) |
Jun 30, 2026 16w ago | 6-K | $2.91 $2.84 | ▼ −2.41% | ▼ −1.38% | $2.80 (−3.78%) |
Apr 30, 2026 25w ago | 20-F | $2.80 $2.78 | ▲ +0.71% | ▲ +5.98% | $2.80 (+0.00%) |
Apr 16, 2026 27w ago | Press Release | $2.80 $2.59 | ▼ −7.50% | ▼ −12.87% | $2.80 (−0.00%) |
US Market Status
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