JAL to raise $8.4 billion in IPO

The IPO will be the second-largest after Facebook’s


96.5 per cent Enterprise Turnaround Initiative Corporation of Japan ETIC initial public offering JAL Japan Airlines Tokyo Stock Exchange


Japan Airlines expects to raise up to $8.4 billion (663 billion yen) in its initial public offering (IPO). The offering will be the world’s second-largest IPO in 2012 after Facebook’s. JAL is scheduled to relist its shares on the Tokyo Stock Exchange on September 19. The listing will allow the state-backed Enterprise Turnaround Initiative Corporation of Japan (ETIC) that owns 96.5 per cent of the carrier to exit its investment.