Petrovietnam Northern Gas Company raised 486.5 billion dong (30mio US$) by selling more than 4 million shares to the public this week, the Hanoi stock market said in a statement on Wednesday.
Domestic investors bought all 4,226,000 shares on offer, or 31.3% of the company, at an average price of around 115,000 dong (7.15US$), the over-the-counter stock market said.
The starting price for bids was set at 10,500 dong, reflecting a rising interest in securities investment following a 144-percent rise of Vietnam's stock market index last year and a 50% rise so far this year.
Petrovietnam Northern Gas Company, also known as PVGas North, has yet to announce a listing date.
The Hanoi-based company, which imports and retails liquefied petroleum gas (LPG), is now valued at 96.5mio US$, based on its average share price at Monday's auction.
Its sister unit, Petrovietnam Southern Gas Company, is scheduled to hold its initial public offering of around 4.7 million shares on Friday.
Petrovietnam Vice President Hoang Van Hoan told Reuters in January the firm would sell off stakes in all non-oil producing subsidiaries but maintain 100-percent government ownership in core businesses such as crude oil production.
LPG is usually bottled in canisters and used as a cooking fuel in most areas of Vietnam which gas pipelines do not reach.
Vietnam's LPG production eased 0.7% last year to 343,400 tonnes following a fall of 0.3% in natural gas output to 6.42 billion cubic metres, government figures showed.
Source: Reuters
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