April 20, 2024

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[THE INVESTOR] Jin Air, the low-cost carrier of Hanjin KAL, said on Oct. 31 it seeks to raise around 380 billion won (US$341 million) through its planned initial public offering in December.

The nine-year-old budget carrier plans to place 9 million existing stocks and issue 3 million shares with a price range of 26,800 to 31,800 won per share to raise between 321.6 billion won and 381.6 billion won in funds, Jin Air said in a statement.

The company has obtained a preliminary approval for the planned IPO in early December on the main bourse.

Mirae Asset Daewoo is the lead manager of the IPO, the statement said.

Jin Air posted a net profit of 33.5 billion won on sales of 423.9 billion won in the first half of this year. The net figure more than doubled from 15.1 billion won a year ago, with sales jumping 30 percent from 325.4 billion won.

By Alex Lee and newswires (alexlee@heraldcorp.com)