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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.
Pegasus Airlines, the Turkish low cost carrier, has put
plans for an initial public offering (IPO) on hold until early
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
This is a tough year for an IPO - Garuda went to market in
February and raised...
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