Pegasus stocks up to bourse’s ‘top league’

ISTANBUL

Pegasus Chairman Ali Sabancı speaks during a meeting.

The stocks of Turkey’s low-cost carrier Pegasus Airlines have started being traded at the National Stock Exchange 30 Index (BIST 30) due to their high yields up to Oct. 1, just six months after 34.5 percent of the company’s stakes made their trading debut in April. 

“Our stocks are now traded in Borsa Istanbul’s ‘Premier League,’ where Turkey’s biggest companies’ stocks are traded. This is a great honor for us, indicating the success of Pegasus,” company chairman Ali Sabancı said in a written statement. 

Pegasus completed its IPO on April 22, selling a 34.5 percent stake toward the middle of its price range. During the offering, which was managed by İş Investment and Barclays, the listing was priced at 18.4 Turkish Liras per share. It has almost doubled its value since then, priced at around 33.6 Turkish Liras per share yesterday. 

Pegasus actually planned an IPO in 2011 but the company postponed it due to poor market conditions. 
Turkey’s low cost-carrier Pegasus was founded in 1990 and was bought by Esas Holding in 2005. Pegasus has extended its flight network, which was composed of just six domestic locations at the beginning of scheduled flights, to up to 73 locations and currently has 45 foreign and 28 domestic flight locations, in a total of 30 countries.