Hepsiburada is one of the pioneering e-commerce platforms in Turkey, founded in 2000 by Hanzade Doğan Boyner within the Doğan Group.
The company operates both a first-party retail business and a third-party marketplace, with more than 10 million active customers and tens of thousands of merchants across categories ranging from electronics and home appliances to fashion, groceries (HepsiExpress), and second-hand (Hepsiburada Ikinci El).
In July 2021 Hepsiburada became the first Turkish technology company ever to list directly on a US exchange, completing an IPO on NASDAQ under the ticker HEPS at a valuation of around $3.9 billion. The group's operating subsidiaries cover fintech (Hepsipay, a licensed payments provider), logistics (HepsiJet and HepsiLojistik), and advertising.
While the company has faced pressure from macro volatility in Turkey and aggressive competition from Trendyol, it remains one of the country's most visible consumer technology brands and a benchmark case for Turkish companies accessing US public markets.
Hepsiburada's corporate structure is defined by one of the most ambitious Turkish capital-markets moves of the last decade: the direct NASDAQ listing of D-MARKET Electronic Services & Trading. For two decades the business operated as D-Market Elektronik Hizmetler ve Ticaret A.Ş., a Turkish joint-stock company incorporated in 2000 within Hanzade Doğan Boyner's orbit of the Doğan Group.
Ahead of the 2021 IPO, the shareholders restructured the group so that the NASDAQ-listed entity was a Turkish A.Ş.
converting into a US-registrant using the American depositary share (ADS) form, rather than flipping the entire group into a Cayman or Delaware parent. This is unusual - most emerging-market tech IPOs on US exchanges use an offshore top-co - and was driven by tax, political, and brand considerations, most notably the desire to keep the listable entity recognisably Turkish.
The IPO priced at $12 per ADS in July 2021, raising around $680 million and valuing Hepsiburada at roughly $3.9 billion.
The listing made the company subject to SEC reporting, Sarbanes-Oxley internal-control requirements, and NYSE/NASDAQ corporate-governance standards, which drove a substantial compliance and audit uplift (PwC as auditor, a fully independent audit committee, and a dual English-Turkish reporting stack).
Sub-structurally, Hepsiburada ring-fences its regulated businesses: Hepsipay operates under a Turkish payments-services license granted by the Central Bank, HepsiJet sits as a separately capitalised logistics company, and the marketplace itself lives inside the listed A.Ş.
The group's post-IPO share price has been volatile, reflecting Turkish macro risk, but the listing structure itself is durable and instructive. For founders, Hepsiburada shows that you can list a Turkish A.Ş.
in the US without flipping to Delaware, but the compliance burden is substantial, the free float is often thin, and the US shareholder base will scrutinise related-party dealings with any parent group - in this case, the Doğan family's other Turkish holdings.
Hepsiburada is headquartered in Istanbul, with its main offices in the Trump Towers complex in Şişli on the European side of the city. The company's Istanbul campus hosts engineering, product, category management, marketing, and executive functions.
In addition to the Şişli headquarters, Hepsiburada operates several large fulfilment centres in Gebze and Kocaeli and a nationwide network of HepsiJet cross-docks serving all 81 Turkish provinces. The company was founded and is today entirely managed from Turkey, despite being listed in the United States, and the vast majority of its roughly 4,500 employees are based in and around Istanbul.
Hepsiburada is a US-listed public company, but remains majority-controlled by the Hanzade Doğan family and affiliated Doğan Group entities, who retain a super-majority economic interest through founder shares. Public float on NASDAQ represents roughly 20-25% of total shares and includes institutional investors such as Goldman Sachs Asset Management, Fiera Capital, and several emerging-markets funds.
The European Bank for Reconstruction and Development (EBRD) became a shareholder ahead of the IPO and remains involved. Chair Hanzade Doğan has been the driving founder of the company since its inception in 2000 and continues to hold a meaningful direct and indirect stake through family vehicles.
Yes. Hepsiburada (formally D-Market Electronic Services & Trading) is listed on the NASDAQ Global Select Market under the ticker HEPS, where it began trading on 1 July 2021 after pricing its American depositary share IPO at $12 per ADS. The IPO raised approximately $680 million in gross proceeds and valued the company at around $3.9 billion at issue.
The company files annual reports on Form 20-F and interim disclosures with the US Securities and Exchange Commission, and its audit is performed by PwC. Hepsiburada was the first Turkish company to list directly on a major US exchange without first reverse-merging into an existing US shell.
Hepsiburada runs a hybrid e-commerce business in Turkey, combining a first-party retail operation (where it buys inventory and sells direct) with a third-party marketplace that hosts tens of thousands of Turkish sellers.
The platform covers electronics, home appliances, fashion, beauty, groceries, and many other categories, and is supported by its own logistics arm (HepsiJet for last-mile and HepsiLojistik for warehousing), a payments and consumer-finance business (Hepsipay, which holds a Central Bank payments license), a grocery delivery product (HepsiExpress), and a second-hand marketplace (Hepsiburada Ikinci El).
Hepsiburada serves more than 10 million active customers annually and is one of Turkey's two dominant online marketplaces alongside Trendyol.
