On the roadshow on April 13, Techcombank announced its Initial Public Offering(IPO), which has value of up to $900 million. Techcombank’s valuation is expected to reach $6 billion and the majority stakes of the bank will be held by strategic investors.
GIC Private Limited, formerly known as Singaporean Governmental Investment Corporation (GIC) is hovered to become a key investor in Techcombank. GIC would probably spend over $100 million to hold the stake at this bank.
Besides GIC, Dragon Capital, one of the most well-known investment funds in Vietnam, is also negotiating to become one of the key investors. Prior to that, Warburg Pincus had an agreement in March to invest more than $370 million in Techcombank.
According to Bloomberg, Techcombank is expected to be listed in June, however, the allocation of shares to investors is still incomplete and the list of investors may change.
Representatives from GIC, Techcombank and Dragon Capital declined to comment.
With a $900 million worth of IPO, Techcombank will become the largest public offering in Vietnam's history. Previously, the highest value belonged to Vincom Retail - the management and operation center of Vingroup.
Founded in 1993, Techcombank is one of the first joint stock commercial banks in Vietnam. It is currently one of the best business banks in Vietnam with 5.4 million customers. In 2017, Techcombank has a profit of over $352 million.