Comparison of the financial performance of renewable energy companies with initial public offerings

Today, there is an increasing interest in renewable energy sources in order to reduce the environmental impact of traditional energy sources and provide sustainable energy solutions. In this context, companies operating in the energy sector are going on the IPO path in order to support their capital raising and growth strategies. One of the methods used to evaluate the financial performance of these companies during and after the IPO process is ratio analysis. Ratio analysis plays an important role in guiding the strategic decisions of companies by providing detailed information about the liquidity status, financial structure, asset utilization efficiency, profitability status and market position of the company. In this study, the financial performances of renewable energy companies traded on Borsa Istanbul (BIST) were examined by the method of ratio analysis on their financial statements for the years 2020-2023. Among the companies under investigation are GESAN, AYDEM, GWIND, KARYE, ESENBOĞA and MAGEN. The aim of the study is to evaluate the liquidity status, profitability ratios, debt management and operating activities of these companies and to examine how the financial performance of renewable energy companies has changed in the post-IPO periods by performing a comparative analysis within these 6 companies. According to the results of the analysis, it is seen that GESAN has a better performance in terms of liquidity, profitability and investor interest than other companies and is in a more advantageous position financially.