- By Region
Japan Airlines is to relist on the Tokyo Stock Exchange in what would be the largest initial public offering in Asia this year, raising an estimated Y663bn ($8.5bn) less than three years after filing for bankruptcy.
Since its bankruptcy, JAL has staged a rapid turnround, posting record operating profits of Y204.9bn in the year ending March 2012.
JAL’s listing, which was widely expected, will test the market’s appetite for airline shares.
All Nippon Airways, JAL’s main rival, is aiming to raise up to Y175bn in the largest new share issue so far this year, which closes in mid-August.
JAL’s return to the market, which is expected to be in mid-September, will raise nearly double the amount that was injected into JAL by the Enterprise Turnaround Initiative Corp, a state-backed fund, which pumped Y350bn into JAL in early 2010.
More to follow…