Japan Airlines raises $10.5 billion from stock offering

TOKYO (AFP) - Japan Airlines (JAL), which exited bankruptcy just last year, said on Monday its stock offering would raise US$8.5 billion (S$10.5 billion), in the world's second-biggest share sale this year after Facebook.

The monster sale, which will see JAL's shares re-listed on the Tokyo Stock Exchange next week, marks a dramatic turnaround for the airline, which went bankrupt and was delisted in early 2010.

The carrier, which has been touted as the world's most profitable carrier, received a huge government bailout and other concessions, drawing howls of protest from rivals including rival All Nippon Airways.

In a regulatory filing Monday, the company said it sold 175 million shares at 3,790 yen per share - the top end of previously announced range - resulting in proceeds of 663 billion yen (S$10.5 billion).