Vietnam's dominant light bulb maker, Dien Quang Lamp Company, plans to auction shares to the public next month and list on the Ho Chi Minh Stock Exchange in the last quarter of this year, a company official said. The Ho Chi Minh City-based firm will auction 800,000 shares to the public in July and sell another 600,000 shares to strategic investors to raise its registered capital by 21.2% to VND80 billion (US$5 million) before listing, the official said on Wednesday.
She did not give a date for the auction nor say how much the firm expected to raise from the IPO.
Stock traders said Dien Quang's limited shares were priced in the unofficial markets at around VND160,000-200,000 ($9.9-12.4), suggesting the firm could raise up to $8 million-9.9 million from the share auction. Dien Quang, which mainly produces fluorescent and energy-saving compact fluorescent lamps, said it controls the lion's share of the domestic bulb market of 65%.
Electricity demand in Vietnam has been growing 15% a year in recent years, driving the government to plan 60 additional power plants by 2020 and promote energy saving programs during the dry season when hydro power plants have to cut output.
The demand for energy-saving compact fluorescent lamps has surged since the middle of 2006. The sales of the lamps accounted for 70% of Dien Quang's revenues and profits, company officials said.
A Dien Quang statement seen on Wednesday forecast revenues this year would reach VND1.3 trillion ($80.7 million), or 20% above a preliminary projection made in January thanks to strong sales of its energy-saving compact lamps.
It forecast this year's profit at VND200 billion ($12.4 million), nearly quadrupling 2006's profit of around VND53 billion. Dien Quang did not make clear if the profit was pre-tax or net figure.
Source: Thanh Nien
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