TOKYO (AP) — Shares in once-bankrupt Japan Airlines Co. have gained modestly as they began trading in Tokyo following a 663 billion yen ($8.5 billion) initial public offering that nearly doubled the money that went into its bailout.
The shares were trading at 3,885 yen ($49.35) a half-hour after trading opened, up just 2.5 percent from their IPO price of 3,790 yen ($48). The price briefly topped 3,900 yen before falling back.
The carrier, also known as JAL, priced its 175 million shares at the top of its range, making its return to the Tokyo Stock Exchange the second biggest IPO this year after Facebook.
The carrier was delisted after it went bankrupt in 2010. It has since carried out cost cuts and restructured, returning to solid profitability.
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