Pegasus Airlines starts trading after $1bn IPO

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Pegasus Airlines started trading on the Borsa İstanbul today under the ticker symbol "PGSUS" after completing an initial public offering (IPO) of 34.5% of its stock at 18.40 Turkish liras ($10.2) per share on 22 April.

The deal values Pegasus at 1.88 billion liras ($1 billion), according to a filing with the stock exchange.

Pegasus Airlines' chief executive officer Sertaç Haybat rang the opening bell at the Borsa Instanbul this morning to commence trading of the airline's stock.

The low-cost carrier said in a March offering prospectus the IPO would help fund fleet and network expansion while strengthening its liquidity position.

İş Investment and Barclays managed the offering.