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Turkey's Pegasus Airlines prepares to float shares
March 20, 2013 / 12:37 PM / 5 years ago

Turkey's Pegasus Airlines prepares to float shares

ISTANBUL, March 20 (Reuters) - Turkish low-cost carrier Pegasus Airlines plans to float a 31 percent stake in an initial public share offer in the next three months, it said on Wednesday, to help fund its expansion.

The Istanbul-based airline said the offering, managed by Barclays and Is Yatirim, would increase its capital to 102 million lira ($56 million) from a current 75 million.

“While expanding its fleet continuously by enhancing investments, Pegasus has applied for a public offering in order to strengthen its position,” the company said on its website.

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 worth $7.5 billion.

Founded in 1990, and bought by Esas Holding in 2005, Pegasus has increased its fleet from just two aircraft to more than 40 mostly Boeing 737-800s over the past two decades.

The company posted a net profit of 126 million liras in 2012, and carried 13.6 million passengers. It serves 70 destinations in 26 countries. ($1 = 1.8251 Turkish liras) (Writing by Ece Toksabay; Editing by Greg Mahlich)

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