The country’s fourth-largest lender by assets, state-run Vietinbank, said Friday it plans to raise at least US$65 million by selling 4 percent of its total capital in an initial public offering (IPO) later this month.
Vietnam Bank for Industry and Trade has set the minimum bid price at VND20,000 ($1.21) for each of its 53.6 million shares in the IPO on December 25 at the Ho Chi Minh Stock Exchange, it said in a statement.
Hanoi-based Vietinbank said the proceeds of its IPO would be used to raise its registered capital.
Vietnam Bank for Industry and Trade has set the minimum bid price at VND20,000 ($1.21) for each of its 53.6 million shares in the IPO on December 25 at the Ho Chi Minh Stock Exchange, it said in a statement.
Hanoi-based Vietinbank said the proceeds of its IPO would be used to raise its registered capital.
Separately, it said it has allowed its brokerage arm, Vietinbank Securities, to raise at least $8.7 million through an IPO next month by selling nearly 13.4 million shares, or 15 percent of the firm.
Saigon Securities is advising on the bank’s IPO, which is targeting domestic and foreign individual and institutional investors, the statement said.
Vietinbank's assets totaled VND194 trillion ($11.5 billion) in June-end, 11 percent higher than at the end of last year.
In September, the government allowed the bank to sell 20 percent of its shares to outsiders, including 10 percent to foreign strategic investors. It has said the bank could have a maximum of two foreign strategic investors.
One of Vietnam's three existing state-owned commercial banks, Vietinbank has delayed its IPO since October 2007, partly because the government worried that a wave of new shares would slow the small but fast-growing stock market.
Instead, the main Ho Chi Minh Stock Exchange has been among the world's worst performing stock markets this year, with the VN-Index slumping 67 percent in 2008, after a 23 percent rise last year.
Vietinbank's IPO comes almost exactly a year after Vietcombank became the first state bank to conduct an IPO, raising $652 million from selling a 6.5 percent stake. It has not yet announced a date for its listing.
Saigon Securities is advising on the bank’s IPO, which is targeting domestic and foreign individual and institutional investors, the statement said.
Vietinbank's assets totaled VND194 trillion ($11.5 billion) in June-end, 11 percent higher than at the end of last year.
In September, the government allowed the bank to sell 20 percent of its shares to outsiders, including 10 percent to foreign strategic investors. It has said the bank could have a maximum of two foreign strategic investors.
One of Vietnam's three existing state-owned commercial banks, Vietinbank has delayed its IPO since October 2007, partly because the government worried that a wave of new shares would slow the small but fast-growing stock market.
Instead, the main Ho Chi Minh Stock Exchange has been among the world's worst performing stock markets this year, with the VN-Index slumping 67 percent in 2008, after a 23 percent rise last year.
Vietinbank's IPO comes almost exactly a year after Vietcombank became the first state bank to conduct an IPO, raising $652 million from selling a 6.5 percent stake. It has not yet announced a date for its listing.
Source: Reuters
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