New York, August 3 (FinanceEnquiry.com) – Next month, Japan Airlines Co is all set to raise around $8.5 Billion in the second-biggest initial public offering this year. On September 19, the airline will be listed on Tokyo Stock Exchange.
Japan Airline’s government-backed owner is expected to sell its 175 million shares at a price of 3,790 yen apiece. After coming with the biggest IPO, the company marks its return. It slashed jobs, cut debt and retired older, less fuel-efficient aircraft to revive profit.
After the offering, JAL is expected to displace ANA as the world’s fourth-largest airline by market value. At $11.3 billion, Latam Airlines Group SA is the largest airline, at $10.9 billion, Air China Ltd is the second and third place has been bagged by Singapore Airlines Ltd at $10.1 billion.
The company posted a profit of 187 billion yen.
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