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Pegasus Airlines: IPO delayed but not shelved

14 July 2011

Serhan Ulga, CFO, Pegasus Airlines, says the company is targeting an initial public offering (IPO) early next year.

Tags: Pegasus Airlines  |  Serhan Ulga  |  737-800  |  Pegasus Airlines IPO

Pegasus Airlines, the Turkish low cost carrier, has put plans for an initial public offering (IPO) on hold until early next year.

Esas Holding, the Turkish private equity firm run by the Sabanci family, which owns Pegasus Airlines and also has stakes in Air Berlin and Air Lease Corporation, will be hoping to exit at some point.

Pegasus Airlines had planned to launch its IPO in late 2010 or early 2011, but it was postponed.

"We had to halt the IPO because of rising jet fuel prices and Middle East unrest. All the airline valuations came down by two or three multiples," says Serhan Ulga, CFO, Pegasus Airlines.

This is a tough year for an IPO - Garuda went to market in February and raised...


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