(Bloomberg) -- Turkish engineering company Hidropar Hareket has raised 132 million liras ($7.4 million) in an initial public offering, according to a filing from Istanbul-based brokerage firm A1 Capital.

Hidropar Hareket sold 12 millon shares at 11 liras apiece, with 47% allocated to domestic investors, while 50% was offered to local corporates. Employees bought 3% of the shares. 

Hidropar Hareket will use the IPO proceeds to invest in production facilities and to acquire companies, Dunya newspaper reported. 


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