April 25, 2024

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[THE INVESTOR] Local low-cost carrier Jin Air on Dec. 8 began trading on Korea’s main bourse after it raised 100 billion won (US$91 million) by issuing new shares in an initial public offering.

The fund will be used to beef up the company’s fleet and expand its routes, a corporate spokeswoman said.

Jin Air, the budget carrier affiliate of the country’s flagship carrier Korean Air Lines, opened at 28,650 won, lower than the IPO price of 31,800 won per share. The shares traded down 2.8 percent at 27,850 won as of 1:57 p.m.  

On top of 3 million new shares, the company’s 9 million existing shares were also listed on KOSPI, the company said.

Jin Air, established in 2008, plans to increase its fleet to 38 jets by 2020 and the number of routes to 79. It currently operates 24 planes on four domestic and 32 international routes.

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