Deals
Japan Air Seeks $8.5 Billion IPO After Exiting Bankruptcy
This article is for subscribers only.
Japan Airlines Co. will seek 663 billion yen ($8.5 billion) in the second-biggest initial public offering this year, completing a two-year turnaround from bankruptcy into the world’s most profitable carrier.
The airline will list on the Tokyo Stock Exchange on Sept. 19, it said today in a Ministry of Finance filing. Its government-backed owner will sell 175 million shares at a tentative price of 3,790 yen apiece. That values the carrier at about five times projected profit, less than half All Nippon Airways Co.’s about 12-times valuation.