Fast-growing Turkish low-cost carrier Pegasus Airlines plans to launch its delayed initial public offering (IPO) of around a third of the company in mid-April, according to Reuters.

The Istanbul-based carrier aims to use funds raised to help its expansion, increasing its capital to 102 million lira ($57 million) from 75 million lira.

Unidentified sources were quoted as saying 65% to 80% of the offer would be reserved for foreign investors.

Pegasus postponed a previous planned IPO in 2011 due to poor market conditions.

Nobody was available at the airline to comment.