The Viet Nam Germany Steel Pipe Joint Stock Company (VG Pipe) plans to issue 3.5 million shares with book building on April 2-12, said Le Minh Hai, company general director.
The capital raised will go toward new facilities, including a 2 million USD steel mill to produce construction material such as bolts. The company also plans to erect a trade centre, investing 1.87 million USD in the first phase of the project.
The VG Pipe has selected Seabank Securities JSC as the financial advisor and underwriter for the share issuance.
In 2006, the company reported 297.52 billion VND (18.59 million USD) in revenue and has 35 billion VND (2.18 million USD) in equity, which is expected to increase to 70 billion VND after listing on the stock market.
VG Pipe plans to issue a second lot of shares in the second quarter of 2008, said Hai.
VG-Pipe specialises in producing steel pipe and other steel products for industrial construction. Currently, the company has a 25% stake in the local market.
Source: VNA Mekong Capital Vinacapital Equity Vietnam
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