A small Vietnamese supermarket operator, which is also a leading exporter of robusta coffee and pepper, raised 269.3 billion dong ($16.7 million) by selling 33.66% of its shares to the public, the stock market said on Friday.
Intimex Import-Export Corporation sold all 1,682,800 shares on offer to domestic investors in the IPO on Thursday, the over-the-counter Hanoi stock market said in a statement. It did not disclose the identities of buyers.
The shares were sold at an average price of 160,025 dong ($9.93), way above the 10,200-dong initial price set for bids, suggesting the firm was valued at $49.65 million, or nearly twice the book value of $27.2 million in its own assessment.
Hanoi-based Intimex did not say when it planned to list its shares or how the proceeds would be invested.
Employees in the company, which is controlled by the Trade Ministry and 45% owned by the state, hold a 21.34% stake.
The company has been running a number of supermarkets in Hanoi and several northern locations since 2001. But Intimex is known more abroad as the exporter of robusta coffee and pepper. Vietnam is the world's top exporter of the two commodities.
Intimex has projected its gross profit next year to rise 16.7% to 6.08 billion dong ($377,300) from 5.21 billion dong expected this year.
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