Japan Airlines raises $8.5 billion from stock offering
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Japan Airlines (JAL), which exited bankruptcy in 2011, said on Monday its stock offering would raise $8.5 billion, in the world's second-biggest share sale this year after Facebook.
The monster sale, which will see JAL's shares re-listed on the Tokyo Stock Exchange next week, marks a dramatic turnaround for the airline, which went bankrupt and was delisted in early 2010.
The carrier, which has been touted as the world's most profitable carrier, received a huge government bailout and other concessions, drawing howls of protest from rivals including rival All Nippon Airways.
In a regulatory filing Monday, the company said it sold 175 million shares at 3,790 yen per share -- the top end of previously announced range -- resulting in proceeds of 663 billion yen ($8.5 billion).
That is nearly double the amount of public money spent to keep it afloat during a massive restructuring, with the proceeds expected to be used to pay back the government bailout.
The sale also ranked as the year's second-biggest globally behind Facebook following the social networking giant's $16.0 billion initial public offering in May.
The new shares in JAL are scheduled to start trading on the Tokyo Stock Exchange on September 19.
The airline, which continued to fly while in bankruptcy, implemented massive job and route cuts as part of its overhaul. It exited bankruptcy in March 2011.
JAL underwent an aggressive cost-cutting plan guided by charismatic businessman Kazuo Inamori, who was brought in by the government to help turn the firm around.
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