Pegasus Airlines completed its initial public offering on April 22. The Turkish carrier sold a 34.5% stake towards the middle of its price range of TRY17-20.40, which means the airline is now valued at TRY1.88bn ($1.04bn) – the same level as Ryanair and Easyjet, and double that of Turkish Airlines. Priced at TRY18.4 per share, the strength of demand caused bids to double the TRY650m raised. Total domestic demand from 10,300 investors was 23.6m lots, 2.5 times higher than the allocated share for the domestic market. Demand from 79 foreign institutional investors was 44.6m, 1.9 times the allocated share.

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