The Tan Mai Paper Company, the second largest Vietnamese paper maker, has raised 100.2 billion dong ($6.2 million) in an auction of state shares to the public, the stock market said on Thursday. The company sold all 6.96 million shares on offer, or 20 percent of its shares, to domestic investors in its initial public offering on Wednesday.
Tan Mai, established in 1958 in the southern province of Dong Nai, is now valued at 500 billion dong ($31 million).Ten institutional and 262 individual investors offered bids to buy 11.4 million shares in Tan Mai, nearly twice the number of shares on offer.
The shares were sold at an average 14,393 dong ($0.9) each, above the 12,000-dong starting price set for bids.
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