BIST Halka Arz Endeksi

Published under the code XHARZ, the BIST IPO (Halka Arz) index is designed to measure the collective performance of companies that have recently joined the exchange. Under Borsa Istanbul's rule set, shares that begin trading on the Star Market, Main Market or Sub-Market are added to the index from their first trading day and removed once two years have passed. As a result, the constituent list is constantly renewed, regardless of sector.

The index is a capitalization-weighted price index, calculated in Turkish lira and announced in points. Unlike many other sector indices, XHARZ applies a cap on the weight of any single share, which limits the ability of one high-value newcomer to drive the index on its own.

Those following the IPO market use this gauge to compare the general trend of newly listed companies with the main indices; the IPO calendar, book-building results and activity in the first trading days are among the topics watched in this area. The page on Lzzo.com charts the index's points history and summarizes technical indicators.