Skymark Makes Comeback to Japanese Stock Market

Economy

Tokyo, Dec. 14 (Jiji Press)--Skymark Airlines <9204> made a comeback to the Japanese stock market on Wednesday nearly eight years after it was delisted following its bankruptcy in 2015.

The Japanese airline fetched an initial price of 1,272 yen per share on the Tokyo Stock Exchange's Growth section for startups, higher than its initial public offering price of 1,170 yen.

Skymark, which operates 23 domestic routes from 12 airports, aims to return to a growth path by taking advantage of a recovery in air passenger demand from the COVID-19 pandemic.

The company raised some 13.8 billion yen through the IPO, planning to use the proceeds to introduce new aircraft and improve its finances damaged by the pandemic.

Skymark received reconstruction support from companies including investment fund Integral Corp. and ANA Holdings Inc. <9202> after filing for bankruptcy protection in January 2015 due to severe competition with budget airlines and excessive investment.

[Copyright The Jiji Press, Ltd.]

Jiji Press