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JAL to launch •1 trillion fall IPO

Date Posted: 2012-01-13

Only months after emerging from bankruptcy, Japan Airlines company is now saying it hopes to raise as much as •1 trillion in an initial public offering.

The airline has hired Nomura Holdings and Daiwa Securities Group to oversee the IPO effort, which it is trying to avoid talking specifics on. Enterprise Turnaround Initiative Corporation of Japan, however, says stakeholders want to selling something between •500 billion and •1 trillion in shares. Enterprise is a government-affiliated agency now holding 97% of JALís voting rights. It and other stockholders want to see an IPO filing on the Tokyo Stock Exchange in July.

If it goes through, the deal would equal an IPO put forth by Dai-ichi Life Insurance Company in 2010. ETIC put •350 billion in capital into salvaging the struggling airline during bankruptcy, must sell its shares by next January, three years after taking over the carrier.

Japan Air Lines emerged from bankruptcy in March. It has raised its annual earnings projections 85% after dumping unprofitable routes and deepening its relationship with American Airlines and AMR Corporationís Oneworld.

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