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Jin Air begins trading after raising 100 bln won in IPO

All News 14:16 December 08, 2017

SEOUL, Dec. 8 (Yonhap) -- Local cost carrier Jin Air Co. on Friday began trading on South 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 by phone.

Jin Air, the budget carrier affiliate of the country's flagship carrier Korean Air Lines Co., opened at 28,650 won ($26), 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 the Korea Exchange, 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.

In this photo taken on Dec. 7, 2017, Jin Air executives and employees celebrate the beginning of trading on the Korea Exchange. (Photo courtesy of Jin Air) (Yonhap)


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