Khanh Hoa Sanest Beverage Company, subsidiary of Khanh Hoa Salanganes Nest Company, will become the first company to trade shares on the stock market while it remains a limited-liability company that has not fully transformed into a joint-stock firm.

The company, with VND330 billion in charter capital, will trade nearly eight million shares on UPCoM under code SKH. The shares will start trading at VND27,800 (US$1.23) per share on October 25.

The company earned VND222.7 billion (US$9.8 million) from the IPO.

The amount of shares Khanh Hoa Sanest Beverage Co will trade on UPCoM is equal to the number of shares the company offered at its initial public offering (IPO) in mid-September: eight million shares or 24% of its capital.

At the IPO, the company’s shares were sold at the starting price of VND23,000 per share and bought for an average price of VND27,937 per share.

The IPO drew the participation of eight institutional investors and 285 individuals, who signed up to purchase a total of more than 20.6 million shares.

After the IPO, Khanh Hoa Sanest Beverage plans to sell around 6.93 million shares or 21% of its capital to an unidentified strategic investor at VND23,000 per share.

Another 1.24 million shares, equal to a 3.8% stake, will be sold to the company’s employees and the Government will hold 51% of the company’s charter capital.

The company will be renamed Khanh Hoa Sanest Beverage Joint Stock Company after the equitisation plan is completed.

The company became the second subordinate unit of Khanh Hoa Salanganes Nest Co to hold an IPO after Dien Khanh Sanest Co had its IPO on June 29, 2016.