Japan Airlines (JAL), which earlier this month announced plans to raise US$8.5bn in a
, has set an indicative price range for its initial public offering (IPO) in what will be the second-largest IPO this year after Facebook.
The airline, which is scheduled to relist its shares on the Tokyo Stock Exchange (TSE) on 19 September, said the price would be set between ¥3,500 and ¥3,790 after sounding out investors during a one-week book-building process beginning today.
The top end of the range is equal to the preliminary reference price of ¥3,790 set when JAL officially announced on 3 August that it would relist its stock, a move that underscores its strong recovery less than three years after it fell into bankruptcy with US$25bn in debt.
The listing will allow state-backed fund the Enterprise Turnaround Initiative Corporation of Japan (ETIC) to profitably dispose of its investment in the former national flag carrier. ETIC owns 96.5% of JAL after injecting ¥350bn worth of taxpayer funds in 2010 to keep the airline operating while it restructured.
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