Pegasus is planning to open up its shares to the public, according to the company.
Turkey’s largest private air carrier applied to the Capital Markets Board for a public offering earlier, with the shares expected to be opened either this year or early next year.
The company initiated research in 2011 with the intention of setting up an initial public offering earlier but had to postpone the plans due to waning investor interest in capital markets during the global financial crisis.
Pegasus Airlines signed the biggest aircraft deal in Turkish aviation history this past December, ordering 100 Airbus jets worth $12 billion in an agreement that has pleased government officials.
Founded in 1990, and bought by Esas Holding in 2005, Pegasus has grown its fleet from just two aircraft to more than 40 mostly Boeing 737-800s over the past two decades.
The airline serves 62 destinations in 26 countries.