Vietnam's largest fish exporter, Navico, raised about $42 million through the sale of around 10% of its shares in an initial public offering, traders said Thursday. Navico, 60-percent family owned, sold the 6 million shares at an average of VND113,000 dong – a 13% premium to the initial offering price, they added.
Traders said investors bid between VND111,000-172,000 ($6.8-$10.7) for each of the shares, which have a face value of VND10,000.
Navico Chief Executive Doan Toi said in an interview with Reuters in April the firm would list it shares on the Ho Chi Minh Stock Market next month.
Navico forecast on June 15 that its net profit would rise by more than a quarter this year to VND321 billion ($19.9 million), helped by strong sales of catfish to Europe.
Formally known as Nam Viet Joint Stock Co., Navico operates four fish processing plants in the Mekong delta, and accounted for nearly 5% of Vietnam's $3.3 billion of fish exports by 900 exporters last year.
It forecast a return-on-equity of 48.6% and a dividend payment of 20% this year, with the ROE rising to 51.8% in 2008, and the dividend payout to 22%.
Navico aims to increase fish exports, mainly catfish products, to $250 million this year from $163 million in 2006, Chief Executive Doan Toi has said.
Source: VNE
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