CEO DailyCFO DailyBroadsheetData SheetTerm Sheet

This female founder achieved an IPO ‘first’ that has nothing to do with her gender

July 2, 2021, 12:55 PM UTC

This is the web version of The Broadsheet, a daily newsletter for and about the world’s most powerful women. Sign up to get it delivered free to your inbox.

Good morning, Broadsheet readers! Wally Funk will join Jeff Bezos on a trip to space, activist investors go after GlaxoSmithKline, and an online retailer marks an IPO “first.” The Broadsheet will be off on Monday for July 4 in the U.S.—we’ll see you here on Tuesday.

– IPO first. Tech IPOs of female-founded companies are still rare. Besides Stitch Fix and Bumble, the list is pretty short.

An unexpected name joined that group yesterday when the Turkish online retailer Hepsiburada went public. Why unexpected? The business is the first Turkish company to list via Nasdaq.

Hepsiburada was founded 20 years ago by Hanzade Doğan Boyner, who today serves as chair and is the company’s majority shareholder, even after its public market debut. The founder comes from a well-known family in Turkey; she’s the daughter of billionaire Aydin Doğan.

And she’s proud that she achieved a “first” with her listing—one that has nothing to do with her gender. “It’s a national pride story,” she said in an interview from Istanbul on Thursday.

Hepsiburada’s market debut offered up only 20% of total shares at $12 apiece for a valuation of $3.9 billion; Doğan Boyner is holding onto her 21% stake and the other major shareholders are her family members and Franklin Resources.

The chair has big plans for the 20-year-old ecommerce company, from expanding beyond its home country to the Balkans and North Africa to increasing the share of shopping that takes place online from 10% in Turkey.

“From the day I started the company, I knew it was not only about laptops or books,” she says. Read more about Hepsiburada’s IPO here.

Plus: Fortune is soliciting nominations for our 2021 Change the World list. We’re looking for companies that are doing well by doing good, tackling society’s unmet needs—and earning a profit while doing so. Learn more about the list and nominate a company here by July 22. Email changetheworld@fortune.com with any questions.

Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe

The Broadsheet, Fortune’s newsletter for and about the world’s most powerful women, is coauthored by Kristen Bellstrom, Emma Hinchliffe, and Claire Zillman. Today’s edition was curated by Emma Hinchliffe

ALSO IN THE HEADLINES

- Voted down. In a 6-3 decision yesterday, the Supreme Court weakened the Voting Rights Act, upholding restrictive voting laws in Arizona. The three liberal justices all dissented, with Justice Elena Kagan writing their dissent. "Of all laws, [the Voting Rights Act] deserves the sweep and power Congress gave it. That law, of all laws, should not be diminished by this court," she wrote. Slate

- Guardians of the guardians. After Britney Spears's emotional testimony last week, Sens. Elizabeth Warren and Bob Casey requested data from the Department and Health and Human Services and Department of Justice on the "prevalence of guardianship in the U.S." The senators may want better federal oversight of guardianships and conservatorships. Time

- Under pressure. Activist investor Elliott is putting pressure on Emma Walmsley, CEO of British pharma giant GlaxoSmithKline. The investor criticized a "lack of credibility" among management at the company, which is set to split into a consumer organization and a pharmaceuticals and vaccines arm. Glaxo's board has given Walmsley its support. Evening Standard

MOVERS AND SHAKERS: JetBlue promoted Amy Burr to president of JetBlue Technology Ventures. PwC named Kathryn Kaminsky vice chair-trust solutions co-leader. Malk Partners promoted Meg Lentz to principal and hired Margaret Spear as VP of people. 

IN CASE YOU MISSED IT

- Hard-fought tenure. The saga of journalist Nikole Hannah-Jones's tenure approval came to an end this week, when the University of North Carolina-Chapel Hill board voted 9-4 to approve her tenure appointment. Hannah-Jones said after the decision that the fight was about "ensuring the journalistic and academic freedom of Black writers, researchers, teachers, and students." CNN

- Acceptance via ads. Pinterest announced that the tech platform will now ban all ads with language or imagery about weight loss. (The ban doesn't apply to user-generated content.) The company says its decision reflects its support of the body acceptance movement. Fortune

- Remembering Diana. Yesterday would have been Princess Diana's 60th birthday. In honor of the date, Kensington Palace unveiled a statue of Diana, which was originally commissioned in 2017. Prince William and Prince Harry attended the statue's unveiling, saying in a joint statement that they remember "her love, strength and character—qualities that made her a force for good around the world, changing countless lives for the better." CNN

ON MY RADAR

James Franco will pay $2.2 million to settle suit alleging sexual exploitation, fraud LA Times

Why LinkedIn, Hootsuite, and Bumble shut down for a week to battle burnout Fortune

NFL fines Washington Football Team $10 million after investigation into workplace culture ESPN

PARTING WORDS

"No one has waited longer. It’s time." 

-Jeff Bezos on Wally Funk, who will join him on a Blue Origin spaceflight. Funk, 82, is a pilot who was denied the job of astronaut in the 1960s because she was a woman. 

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.