Shares in Baoviet Securities rose 120% on Monday on their debut on the Hanoi exchange, where the index jumped to a lifetime high as investors bet on Vietnam's expanding capital market.
Baoviet shares ended at 320,000 VND (19.9US$) each, or 120% above the 9US$ pre-debut price on unofficial markets after soaring 162 percent to 380,000 dong at the opening.
Foreign investors bought 5,000 of the 40,500 shares which changed hands in the firm, which handled 22% of the shares and fund certificates traded last year on the Ho Chi Minh City exchange.
The closing price valued the Hanoi-based firm at $298.5 million after investors sought to buy three times more shares in Baoviet Securities than were on offer at an auction last month.
It listed all its 15 million shares, 60 percent of them held by state-run Vietnam Insurance Corporation (Bao Viet), the country's largest insurer. Baoviet Securities is a relatively new business of parent firm Bao Viet, which said early this year it would diversify into banking, financial leasing, real estate and public health insurance.
The government will retain 51 percent of Bao Viet and sell a maximum 30 percent to foreign investors in a partial privatisation, a Bao Viet executive said without giving a timeframe.
Source: Reuters
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