Vinafood II raises US$51 mln selling 23% of stakes in March IPO
Friday, March 16,2018
AsemconnectVietnam - The State-run Vietnam Southern Food Corporation (Vinafood II) raised nearly VND1.16 trillion (US$51.1 million) from selling 22.97% of its stakes at an initial public offering (IPO) on March 14.
The top rice exporter sold all of the 114.83 million shares on offer on the Ho Chi Minh Stock Exchange to 41 investors, including 40 individual investors and one organisation.
The shares were offered at an initial price of VND10,100 per piece, and the average successful bidding price was VND10,101. The highest bid value reached VND12,000 (US$0.53) per share.
The corporation will sell 25% of its stakes to strategic investors in a later move while only 1 percent will be sold to employees and workers at a preferential price. Multi-sector firm T&T Group has been so far the only one filing documents to become Vinafood’s strategic investor.
Vinafood II plays a key role in exporting rice in Vietnam. In the first half of 2017, the company earned VND4.43 trillion in revenue but reported a loss of VND118 billion.
Vinafood II is the first out three SOEs to conduct IPOs this March which will float a total of US$110 million worth of stakes in the market in the second wave of SOEs IPOs in 2018.
The others include Binh Duong Manufacturing & Import Export Corp (Protrade Corp) that will sell 30 million shares, or 10% of its charter capital of VND3 trillion, in the IPO slated for March 28.
Hanoi Trade Corporation (Hapro) is the last company to make an IPO this month, on March 30 on the Hanoi Stock Exchange. The company will float nearly 76 million shares, or 34.51% of its charter capital at the minimum bidding price of VND12,800 per share.
At this price, the company is valued at almost VND2.82 trillion, higher than its charter capital of VND2.2 trillion. If successful, the sale will bring the company at least VND971 billion.
The State will not hold Hapro’s capital after the equitisation and about 65% of its stakes will be sold to strategic investors.
Source: Vov.vn
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