JAL shares climbed as high as 3,890 yen, up from its re-listing price of 3,790 yen on the Tokyo Stock Exchange.
The 663bn yen ($8.4bn; £5.2bn) initial public offering comes after the airline was given a government-backed bail out in 2010.
It is the second biggest share sale this year globally after Facebook.
Japan airlines was de-listed from the stock exchanged after becoming insolvent. Since then it has taken on huge restructuring, cutting more than a third of its workforce, cancelling unprofitable routes and replacing older planes.
In August, JAL announced that net profit had doubled in the April to June period, compared with the previous year.
It was even recently called the world's most profitable airline after record operating profits.
Analysts said that while corporate investors that previously owned shares might be hesitant, the strong numbers would entice new buyers.
"The past owner would be little bit hesitant to buy Japan Airlines' shares because they have made losses," said Yuuki Sakurai from Fukoku Capital Management.
"But if this is a new buyer on the corporate side, they would be interested to see how successful Japan Airlines will be."
Mr Sakurai also said individual investors may be enticed by discount coupons given to buyers which can be used to purchase seats on flights.
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