Vinatex launched initial public offering (IPO)

21:07 | 22/09/2014

VGP – The Viet Nam National Textile and Garment Group (Vinatex) launched an initial public offering (IPO) on September 22, announced the Ho Chi Minh Stock Exchange.

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After the auction, more than 110.5 million shares were sold to 87 investors at the average price of VND 11,000 (US$ 0.49) per share, half of which belonged to foreign investors.

Total value of the sold shares was over VND 1.2 trillion (US$ 58 million).

Under the approved equitisation plan, of the VND 5 trillion (US$ 234.7 million) charter capital which is equivalent to 500 million shares, 122 million would be sold in the IPO.

The plan allowed the State to hold 51% of the capital, and the local staff to buy 3 million shares, or 0.6% of the charter capital.

The company would also sell 120 million shares, or 24% of the charter capital, to strategic partners.

Vinatex targets an export turnover of US$ 3.6 billion by 2015 and US$ 5 billion by 2020./.-VNA