JOIN USJapan Airlines said on Thursday that it would raise up to ¥663 billion ($8.4 billion) in its initial public offering (IPO) after setting the indicative price range for what will rank as the world’s second-largest IPO this year after Facebook Inc.
The airline, which is scheduled to relist its shares on the Tokyo Stock Exchange on September 19, said the price would be set between ¥3,500 and ¥3,790 after sounding out investors during a one-week book-building process that starts on Friday.
The top-end of the range is equal to the preliminary reference price of ¥3,790 disclosed when Japan Airlines officially announced on August 3 that it would relist its stock, a move that underscores its strong recovery less than three years after it tumbled into bankruptcy with $25 billion in debt.
The listing will allow a state-backed fund to exit its investment in the former national flag carrier with a tidy profit.