State-run Petrovietnam Fertiliser and Chemicals Company raised more than $430 million in an initial public offering of a third of its shares, brokers said on Tuesday.
The firm, a member of the Petrovietnam group, sold 128,626,600, or 33.8%, of its shares on April 21 at an average price of 54,400 dong ($3.37) each, they said.
The price was nearly 9% above the company's initial bidding price of 50,000 dong ($3.1) and suggested the company was valued at nearly $1.3 billion, brokers in Ho Chi Minh City said.
The firm, known as PVFCC, operates Vietnam's only fertiliser plant, the Phu My Urea Plant in the southern province of Ba Ria-Vung Tau. It has yet to announce a listing plan or say what it plans to do with the proceeds.
The urea it produces and the fertiliser it imports meet 40% of Vietnam's domestic demand.
PVFCC started operations in January 2004 and its Phu My plant is designed to produce 2,200 tonnes of urea per day.
Vietnam still imported 3.05 million tonnes of fertiliser last year, up 5.9% from 2005, but urea imports fell 17.8% to 708,000 tonnes, government statistics show.
Source: Reuters
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