Vietnam's leading human resource services provider Navigos Group has unveiled a plan to list on the local bourse by launching an initial public offering (IPO) by 2010 at the latest.
Jonah Levey, chief executive officer and founder of Navigos Group, said that an IPO would accelerate the company's growth as well as allow more investors to participate in the high growth potential in the human resource services sector in Vietnam.
Navigos Group, which is also the owner of Vietnam's popular job website VietnamWorks.com, has is-sued more than 10 million shares and plans to raise the number to 13 million to find more funds for business expansion.
"Demand for our services will continue to increase, and we can leverage our scale, track record and depth of knowledge to create better services for our clients. We continue to strengthen our leading position in the industry through our level of resource and reach into the top of talent pool," Levey said.
The investment community has shown interest in Navigos.
The institutional investor Indochina Capital acquired a 20% stake in the company in mid-2006 and since then the company's value has more than doubled as its share price has leapt from just US$0.01 to US$2.50 per share.
Levey credited the company's value increase to solid business performance and Vietnam's upbeat prospects. Navigos Group reports strong 2006 results and this is the fourth consecutive year the company has achieved a growth rate of over 100 percent in revenue.
Levey explained that revenue growth reflected the job creation boom in Vietnam.
"Over l00,000 people got a job through VietnamWorks.com and Navigos Group in 2006 and we expect the number will increase by four times this year," he said.
Source: Thanh Nien
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