Turkish low-cost carrier Pegasus Airlines will lift its share capital to 102.3 million liras ($56.8 million) from 75 million liras after further detailing its plans to sell around a third of the carrier this week through an initial public offering (IPO).
The breakdown of the share offer would be as follows: 10% to domestic individual investors, 10% to qualified investors, 10% to domestic institutional investors and the remaining 70% to foreign institutional investors, according to a stock exchange filing.
The airline said in a March offering prospectus the IPO would help fund "fleet growth, flight network expansion and strengthen the liquidity situation".
The carrier is rumoured to have mandated Barclays and Is Yatirim Menkul Degerler to handle the sale.
Esas Holdings controls 96.5% of the carrier and would sell 32.08 million shares, or its 31.4% stake, according to the prospectus.
In December 2012, Pegasus placed an order for 58 Airbus A320neos and 17 A321neos.
Pegasus currently operates a fleet of 37 Boeing 737-800s and two 737-400s, according to Flightglobal's Ascend Online database.