Vincom JSC on June 20 announced plans to sell five million shares during its initial public offering in the third quarter on the Ho Chi Minh City Securities Trading Centre.
The book building phase of the IPO will take place on July 3, with shares entering the stock market in early August. The shares carry a face value of 10,000 VND (0.63 USD) a piece, and will be offered at 80,000 VND next month.
The IPO is part of Vincom's plans to mobilise 775 billion VND by selling 20 million shares. The remaining 15 million shares will be sold to existing stock holders at 25,000 VND a piece.
The money raised will go toward improving the company's capital position and fund future projects.
"Over the last five years, we have maintained a solid position in the real estate market," said Vincom board chairman Le Khac Hiep. "We will continue to focus on this field in the coming years".
According to Hiep, major upcoming projects include a 456-billion VND (28.5 million USD) trade and apartment complex, the 1.5-trillion VND (93.75 million USD) Long Bien Eco-Tourism Resort and a 4-trillion VND (250 million USD) hydro-electric power plant.
Hiep said competition will continue to grow in the property development and construction industries, beyond current players like Trang Tien Plaza, Big C Thang Long and Opera Business Centre.
"We still aim to be a leading property developer in Viet Nam," said the board chairman.
Vincom now has 600 billion VND (37.5 million USD) in total equity, and expects to earn a revenue of 221 billion VND this year.
On the over-the-counter market, Vincom shares are now trading around 136,000 - 140,000 VND a piece.
Source: VNA
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