JAL seeks largest IPO this year since Facebook
2012-08-31 16:55:09
Japan Airlines, which was bailed out by the government and removed from the Tokyo Stock Exchange in February 2010, said yesterday it would raise up to ¥663 billion (S$10.6 billion) in a relisting after setting the indicative price range in what is expected to be the world's second-largest initial public offering this year after Facebook.
The airline, which is scheduled to relist in Tokyo on Sept 19, said the price would be set between ¥3,500 and ¥3,790. That is about five times forecast earnings, compared with 16 times for All Nippon Airways, Japan's largest carrier, according to Bloomberg. The final price will be set on Sept 10, according to an earlier statement.
It will not get any of the sale proceeds as the 175 million shares are being sold by its government-backed parent.