Market debut values Pegasus at $1 billion

ISTANBUL - Reuters

Turkish low-cost carrier Pegasus Airlines’ stock market listing of a 34.5 percent stake is priced at 18.4 lira per share, valuing the company at 1.88 billion Turkish Liras ($1.04 billion) as it received demand for twice the number of shares.

Is Investment said a nominal total of 35.29 million liras worth of shares was sold in the offering, with demand at 68.2 million lira. A green shoe option was exercised.

Total domestic demand from 10,300 investors was 23.6 million lots, 2.5 times higher than the allocated share for the domestic market.

Foreign demand from the 79 institutional investors was 44.6 million lots, 1.9 times higher than the allocated share.

Seventy percent of the stock was allocated to foreign institutional investors and 30 percent to the domestic market.

However, a “gong ceremony” will be held in Borsa Istanbul (BIST), on which Pegasus’ shares have started to be traded, on April 26, attended by BIST President İbrahim Turan and Pegasus CEO Ali Sabancı.