TOKYO -- Japan Airlines is raising 663billion yen ($8.5 billion) in its initial public offering, pricing itsshares at the top of its range at 3,790 yen ($48 a share). That makes itthe world's second biggest IPO this year after Facebook.
TheTokyo-based carrier, which went bankrupt in 2010, will be nearlydoubling the money the government-backed bailout body pumped in. Itannounced the pricing Monday, the highest in a range that started from3,500 yen ($45), underlining healthy investor demand for the shares.
Thecompany posted a profit 187 billion yen ($2.4 billion) profit for thefiscal year ended March 2012, an impressive feat considering the beatingthat global carriers have taken with price competition and surging oilprices.