Pegasus Airlines, the low cost air carrier of Turkey, is offering for sale 34.5% of its outstanding shares in an initial public offering. This was scheduled for the week as confirmed with documents filed with the local stock exchange.

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.

The price range for the shares would be between 17 lira to 20.40 lira or between US$9.50 and US$11.40 according to a statement made to Reuters last April 2. The valuation of the company is thus between 1.7 and 2.1 billion lira or US$970 million and US$1.2 billion.

The airline announced previously that the offering would be managed by Barclays and Is Yatirim and the proceeds would be utilized for expansion purposes, increasing capital from 75 million to 102 million lira.