concessional groundcloths: Market debut to value Turkey's Pegasus Airlines at $1 bln

Tuesday, April 23, 2013

(Adds details on demand, background)

ISTANBUL, April 22 (Reuters) - Turkish low-cost carrier

Pegasus Airlines' stock market listing of a 34.5 percent stake

is priced at 18.4 lira per share, brokerage Is Investment

said on Monday, valuing the company at 1.88 billion

lira ($1.04 billion).

The airline said in March the offering, managed by Barclays

and Is Investment, would help fund its expansion.

A price range of 17 to 20.40 lira had been set for the

offering.

Is Investment said a nominal total of 35.294 million lira

worth of shares was sold in the offering, with demand at 68.2

million lira. A greenshoe 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.

($1 = 1.7998 Turkish liras)

(Writing by Daren Butler; Editing by Nick Tattersall and Mark

Potter)

concessional groundcloths