Japan Airlines (JAL) has set up an indicative price range of between 3,500 yen ($44.5) and 3,790 yen a share on next month's initial public offering (IPO).
The Japanese carrier, which is scheduled to relist its shares on the Tokyo Stock Exchange on 19 September, aims to raise up to 663 billion yen ($8.4 billion) through its IPO, thereby enabling government-backed Enterprise Turnaround Initiative Corporation (ETIC) to exit its 96.5% investment by selling 175 million shares.
The top end of the price range is equal to the preliminary reference price of 3,790 yen disclosed when JAL announced its IPO plan earlier this month. The definitive share price is to be disclosed on 10 September.
JAL filed for bankruptcy protection in January 2010 after racking up years of successive losses and recording total debt of $25.6 billion. It subsequently requested a government bail-out, which saw ETIC inject 350 billion yen in JAL in order to keeping it afloat during the restructuring phase.
JAL posted a higher-than-expected full year net profit of 187 billion yen for the 2011 fiscal year. For the full year to 31 March 2013, the carrier is forecasting a net income of 130 billion yen.