Jin Air IPO to raise $350M
On November 27, 2017, South Korea's low-cost airline Jin Air, owned by the country’s flag carrier Korean Air, announced an offering of 2.4 million shares at a band of $25 to $29 through November 29-30. As a result, the carrier expects the initial public offering (IPO) to raise $350 million, Reuters reports. The shares will begin trading on the South Korean main stock exchange KOSPI on December 8, 2017.
The carrier is planning to use the funds from the IPO to add more aircraft to its fleet, Pulse news informs. Jin Air wants to expand its fleet to 38 jets which would allow operating regular flights to Europe by 2020. As for now, the carrier operates 24 aircraft – 20 Boeing 737s and 4 Boeing 777s. It offers flights to five domestic cities and 22 international destinations.
Jin Air announced plans to list on the stock exchange in April 2017 and chose Mirae Asset Daewoo to manage an initial public offering. Since 2014, the airline had an average 70% annual jump in profits.
The IPO announcement followed a spat between Beijing and Seoul over the latest planned anti-North Korea missile defense system. China’s tourism ministry instructed tour operators to stop selling trips to South Korea from March 15, 2017. Jin Air, Asiana, and Jeju Air have also had applications for charter flights to China rejected, Reuters informed.
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