Aviva and Partner Hold IPO of Their Turkish Pension & Life Unit

Aviva plc and its partner Haci Omer Sabanci Holding AS raised 331 million liras ($147 million) in the initial public offering of their Turkish pension and life insurance unit as the shares priced near the top of the range.

The companies sold 7.04 million shares including a so-called overallotment option at 47 liras apiece between Nov. 5 and 7, according to a statement today from Istanbul-based brokerage AK Yatirim Menkul Degerler AS, one of the managers. About 70 percent of the shares were sold to foreign investors.

The IPO is Turkey’s biggest this year and values the company at 1.68 billion liras, according to Bloomberg calculations. Blackrock Inc., Marshall Wace LLP, Abu Dhabi Investment Authority and Wells Capital Management Inc. each bought more than 5 percent of the shares, Ak Yatirim said.

The country’s market regulator last month approved a range of 41 liras to 49 liras for the sale. The first day of trade will be Nov. 13, Attila Penbeci, chief executive of Ak Yatirim said last week.