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Japan Airlines to raise up to US$8.4 billion in share sale

TOKYO -- Japan Airlines said Thursday its relisting on Tokyo's stock market could raise as much as US$8.4 billion, as it continues a return to strength less than three years after being forced into bankruptcy.

That is nearly double the amount of public money spent to keep it afloat during a restructuring, allowing it to repay the government, and is on track to be the year's second-biggest share sale globally after Facebook's US$16.0 billion listing.

The new shares in JAL, which went bankrupt in January 2010 and saw its shares delisted the following month with debts totaling 2.32 trillion yen, are scheduled to start trading on the Tokyo Stock Exchange on September 19.

On Thursday, the carrier said it would sell 175 million shares at a price between 3,500 yen and 3,790 yen.

The airline, which continued to fly during its time off the stock exchange, implemented massive job and route cuts as part of its overhaul.

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