Star Flyer Inc. listed its shares Wednesday on the second section of the Tokyo Stock Exchange as it aims to start up international services in 2012.
The stock fetched an initial quote of ¥5,500, up sharply from its IPO price of ¥3,180. Star Flyer is the second startup air carrier to go public since Skymark Airlines Inc. was listed on the TSE's Mothers market in May 2000.
Star Flyer, founded in 2002, issued 140,000 shares in its initial public offering and also put up for sale 90,000 already issued shares held by securities houses and other stakeholders.
Proceeds from the sale will be used to purchase planes and other assets for expanding its flight network, officials said.
The carrier began service in March 2006 on a route linking its hub at Kitakyushu airport in Fukuoka Prefecture to Tokyo's Haneda airport. Its fares are generally cheaper than those offered by its larger rivals.
Star Flyer serves two other routes — one between Fukuoka and Haneda and one between Haneda and Kansai airport in Osaka. The airline is also planning to offer services between Kitakyushu and Busan, South Korea, next year.