Turkish defense firm Altınay secures $4.95M contract

Altınay Defense Technologies has secured a contract valued at $4.95 million for the manufacturing of auxiliary subsystems for armored land vehicles.

This agreement brings the company's total contract value signed since Jan. 1, 2024, to $16 million.

The company announced the new contract via the Public Disclosure Platform (KAP).

“Our company has signed a contract worth USD 4,950,000 plus VAT for the production of auxiliary subsystems for armored land vehicles. With this development, we are pleased to inform the public that the total value of contracts signed since January 1, 2024, has now reached USD 16,000,000 plus VAT,” it said in a statement.

Shares traded on Borsa Istanbul

The company has most recently taken a significant stride towards institutionalization by initiating the demand collection process for its public offering on May 8-9-10.

Following this process, the company's shares commenced trading on Türkiye’s stock exchange Borsa Istanbul on May 16.

During the demand collection phase, Altınay Defense Technologies garnered remarkable attention, with 3.6 million individual applications, reflecting widespread interest. The company's public offering amounted to approximately TL 1.9 billion.

Known for its involvement in flagship projects such as the development of main battle tank (MBT) Altay, the national fighter aircraft KAAN, and the national ship-building project, MİLGEM, Altınay Defense Technologies intends to leverage the proceeds from the initial public offering (IPO) to fuel its growth.

Half of the raised capital will be allocated to new facilities and production technologies, while the remaining half will be earmarked for research and development (R&D) and production and deployment (P&D) investments in test and verification technologies, global sales and marketing network expansions, bolstering working capital, clearing financial debts, potential company acquisitions, and establishing strategic business partnerships.

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