2012 Aviation 100 Award Winner, Japan Airlines’ $8.5bn initial public offering has drawn orders for all the stock being sold. International investors, which will be allocated about 25% of shares, already put in orders for double that amount. The other 75% is set to be sold to Japanese institutional and retail investors and is also oversubscribed. JAL is offering 175 million shares for as much as 3,790 yen each, which is about five times forecast earnings, compared with the 13 times industry average, as mentioned here last month. The stock is popular because it is priced to sell. Simple as.

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