Japan carrier’s IPO issues priced at top of range

AFP FILE PHOTO

TOKYO — Japan Airlines Co. is raising 663 billion yen ($8.5 billion) in its initial public offering, pricing its shares at the top of its range at 3,790 yen ($48) — the world’s second biggest IPO this year after Facebook.

The carrier, which went bankrupt in 2010, will be nearly doubling the money the government-backed bailout body pumped in. It announced the pricing Monday, the highest in a range that started from 3,500 yen.

The 175 million issues will be listed and traded on the Tokyo Stock Exchange on Sept. 19.

The carrier, also known as JAL, was long the symbol of Japan’s economic rise. In recent decades, it was hobbled by a bloated workforce, unpopular routes and safety lapses. Under the bailout, it has cut costs and jobs.