Vinafood II raises 51 mln USD selling 23 percent of stakes in IPO
Vinafood II raises 51 mln USD selling 23 percent of stakes in March IPO
The State-run Vietnam Southern Food Corporation (Vinafood II) raised nearly 1.16 trillion VND (51.1 million USD) from selling 22.97 percent of its stakes at an initial public offering (IPO) on March 14.
Vinafood II, Vietnam's top rice exporter, raises about 51.1 million USD from selling 22.97 percent of its stakes at an IPO on March 14. Illustrative image. (Photo: VNA)
Hanoi(VNA) – The State-run Vietnam Southern Food Corporation (Vinafood II) raised nearly 1.16 trillion VND (51.1 million USD) from selling 22.97 percent of its stakesat an initial public offering (IPO) on March 14.
The top riceexporter sold all of the 114.83 million shares on offer on the Ho Chi MinhStock Exchange to 41 investors, including 40 individual investors and oneorganisation.
The shares wereoffered at an initial price of 10,100 VND per piece, and the average successfulbidding price was 10,101 VND. The highest bid value reached 12,000 VND (0.53USD) per share.
The corporationwill sell 25 percent of its stakes to strategic investors in a later move whileonly 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 documentsto become Vinafood’s strategic investor.
Vinafood II playsa key role in exporting rice in Vietnam. In the first half of 2017, the company earned4.43 trillion VND in revenue but reported a loss of 118 billion VND.
Vinafood II isthe first out three SOEs to conduct IPOs this March which will float a total of110 million USD worth of stakes in the market in the second wave of SOEs IPOsin 2018.
The othersinclude Binh Duong Manufacturing & Import Export Corp (Protrade Corp) thatwill sell 30 million shares, or 10 percent of its charter capital of 3 trillionVND, 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 HanoiStock Exchange. The company will float nearly 76 million shares, or 34.51percent of its charter capital at the minimum bidding price of 12,800 VND pershare.
At this price, the company is valued at almost 2.82 trillion VND, higher thanits charter capital of 2.2 trillion VND. If successful, the sale will bring thecompany at least 971 billion VND.
The State willnot hold Hapro’s capital after the equitisation and about 65 percent of itsstakes will be sold to strategic investors.-VNA
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Vinafood II, Vietnam's top rice exporter, raises about 51.1 million USD from selling 22.97 percent of its stakes at an IPO on March 14. Illustrative image. (Photo: VNA) 
