Pegasus Air To Float Stake In IPO This Week

April 15, 2013

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Turkish low-cost carrier Pegasus Airlines will sell a 34.5 percent stake in an initial public offering (IPO) this week, the Istanbul-based company said in a stock-exchange filing.

Of the stake, 10 percent will be allocated to domestic individual investors, 10 percent to qualified investors, 10 percent to domestic institutional investors and 70 percent to foreign institutional investors, according to the filing.

Pegasus set the price range at TRY17 to TRY20.40 lira (USD$9.50 - USD$11.40), sources told Reuters on April 2, indicating a market value of about TRY1.7 billion - TRY2.1 billion lira (USD$970 million - USD$1.2 billion).

The airline said in March the offering would help fund its expansion, increasing its capital to 102 million lira from 75 million.