Business

Vietnam raises US$308 million from PV Power's IPO

February 02, 2018 | 08:00 AM GMT+7

The Government of Vietnam has raised US$308 million (VND6.996 trillion) after selling 20 per cent of PetroVietnam Power (PV Power) in an initial public offering (IPO) on the Hanoi Stock Exchange on January 31.

Photo: PVN

The IPO has drawn the attention of many investors, especially foreign ones. According to HNX, 1,981 investors registered to buy 491 million shares, surpassing 4% of the total shares offered.

1,928 investors including 94 organizations and 1,834 individuals participated in the auction, winning price of VND14,938 (US$0.657) per share, 3.7% higher than the initial price point.

In particular, foreign investors bought 284.44 million shares, accounting for 60% of the auction's volume.

PV Power, a fully-owned company of the Vietnam National Oil and Gas Group (PVN or PetroVietnam), has its charter capital of VND23.4 trillion (US$1.04 billion) after the equitization process is completed.

PV Power is currently the second largest electricity producer in Vietnam, operating 8 power plants with a total capacity of 4.2 GW, accounting for about 11% of the nation's electricity generation capacity.

The company was also the third PVN member unit to launch an IPO after Binh Son Refining and Petrochemicals Company Limited (BSR) and PetroVietnam Oil Corporation (PV Oil).

PV Power’s net sales in 2017 stood at VND31.5 trillion (US$1.38 billion), up 12 per cent yoy, while its after-tax profit stood at VND1.9 trillion (US$83.6 million), up 25 per cent, according to estimates by Ho Chi Minh City Securities Corporation (HSC).

Cen Land transforms into real estate developer with bold goals

Cen Land transforms into real estate developer with bold goals

Business -  2 day

Cen Land is shifting from brokerage to development, targeting a 170% revenue increase and 424% profit growth in 2025.

Menas signs to elevate lifestyle experiences at Keppel’s properties in Vietnam

Menas signs to elevate lifestyle experiences at Keppel’s properties in Vietnam

Business -  3 week

Menas Group has entered a strategic partnership with Keppel to co-develop an integrated ecosystem of lifestyle services across Keppel’s real estate projects in Vietnam, beginning with the landmark Celesta City development in Saigon South.

Phuc Sinh secures $15 million investment from Dutch investor for sustainable expansion

Phuc Sinh secures $15 million investment from Dutch investor for sustainable expansion

Business -  4 week

Phuc Sinh’s expansion underscores Vietnam’s growing role in sustainable agriculture and its increasing appeal to global investors

PVI Asset Management and SonKim Capital partner to revolutionize real estate investments

PVI Asset Management and SonKim Capital partner to revolutionize real estate investments

Business -  1 month

PVI Asset Management (PVI AM) and SonKim Capital (SK Capital), a business unit of SonKim Group has announced a strategic collaboration to develop innovative real estate investment products tailored for institutional investors and high-net-worth individuals.

Filum AI secures $1 million amidst funding winter

Filum AI secures $1 million amidst funding winter

Business -  1 month

Filum AI has successfully raised $1 million in funding despite a challenging venture capital market, underscoring the potential of AI and shifting investment strategies.

New decree eliminates barriers and enhances access to financing for enterprises

New decree eliminates barriers and enhances access to financing for enterprises

Business -  1 month

Enterprises are advised to promptly assess and evaluate the impact of the changes in the newly-issued to ensure timely compliance in the upcoming tax finalization period.