Japan Airlines Co. Ltd. soared with a top range pre-market price for its initial public offering, making it the world’s second largest IPO in 2012, behind the $16 billion offering by Facebook Inc.

Japan Airlines set the IPO price at 3,790 yen ($48.55) per share on September 10, the Asahi Shimbun reports, raising $8.5 billion for state coffers – a sign of strong demand boosted by a “clean balance sheet” and “attractive valuations” following its 2010 bankruptcy. Three quarters of the 96.5% stake will be distributed in Japan with the remaining sold abroad. Japanese investors were also drawn in by discount coupons for air tickets that come with the shares.

The company will raise 663 billion yen ($8.49 billion) at the pre-market price, nearly double the 350 billion yen injected by the government-backed fund Enterprise Turnaround Initiative Corporation following the airline’s bankruptcy. Following the public listing on the Tokyo Stock Exchange on September 19, JAL will be Asia’s third-biggest carrier by market value. According to Reuters, JAL would trade at a price-to-earnings ratio of 5.3 at the IPO price, making it cheaper compared to local rival All Nippon Airways.