Turkish budget carrier Pegasus plans IPO
Ankara, March 30, 2013
Turkish low-cost airline Pegasus Airlines aims to launch an initial public offering of around a third of the company in mid-April with most of the shares to be allocated to foreign investors.
The Istanbul-based carrier said last week the offering, managed by Barclays and Is Yatirim, would help fund its expansion, increasing its capital to 102 million lira ($57 million) from 75 million lira.
Sources said 65-80 per cent of the offer would be made to foreign investors. The sale will leave the airline with a free float of 31.4 per cent, increasing to 34.3 per cent if an over-allotment option is exercised.
Pegasus - part of Esas Holding, which is also active in the food, healthcare and retail sectors - postponed a previous planned offering in 2011 due to poor market conditions.
The budget airline signed the second biggest aircraft deal in Turkish aviation history last December, ordering 100 Airbus aircraft with a list price of $7.5 billion.
The company posted a net profit of 126 million liras in 2012.-Reuters