Shares in Turkey-based energy company Anel Elektrik Proje Taahhut ve Ticaret AS were up 1% from their base price of 5.30 lira ($3.38) on their first day of trading on the Istanbul Stock Exchange Wednesday, the Ihlas News Agency, or IHA, reports.

At 0758 GMT, Anel shares were trading up 1% at TRY5.35, in a 0.28% higher overall market.

Anel Elektrik set a share price range between TRY5 and TRY6 in its initial public offering.

IPO bids from domestic and foreign investors totalled TRY37.1 million, Anel Elektrik said Monday.

It expected TRY80 million-TRY96 million of revenue from the IPO, and said it will use the money to finance new projects.

The company said it will increase its capital to TRY46.6 million from TRY30.6 million.

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