Turkish low-cost carrier (LCC) Pegasus Airlines has floated 34.5% of its share capital on the Istanbul stock exchange, completing its long-awaited initial public offering (IPO).
The shares, which had a nominal value of TRY35.3 million ($19.6 million), began trading under the PGSUS ticker April 26. When trading began, the share price stood at TRY18.20 per share. The price has since increased to a maximum of TRY18.75, although on Tuesday they were trading at around TRY18.30.
The fast-growing Turkish LCC, which recently placed an order for up to 100 A320neos, postponed a previous planned IPO in 2011 due to poor market conditions. It plans to use the funds to support its expansion.