* Offering will help fund expansion
* Most of shares seen going to foreign investors
* Pegasus ordered 100 Airbus aircraft in December
ANKARA, March 29 Turkish low-cost airline
Pegasus Airlines aims to launch an initial public offering of
around a third of the company in mid-April with most of the
shares to be allocated to foreign investors, sources close to
the deal told Reuters.
The Istanbul-based carrier said last week the offering,
managed by Barclays and Is Yatirim, would
help fund its expansion, increasing its capital to 102 million
lira ($57 million) from 75 million.
The sources said 65-80 percent of the offer would be made to
foreign investors. The sale will leave the airline with a free
float of 31.4 percent, increasing to 34.3 percent if an
over-allotment option is exercised, according to stock exchange
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 with a list price of $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.