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.
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).
Tags:
Tags:
Foreign capital is anticipated to aid TNH Hospital Group Joint Stock Company (TNH) in realizing its ambitious expansion plans.
While major consumer finance firms in Vietnam have reported strong growth, Mcredit posted an unexpected 87 per cent drop in profit for the first half of 2024.
Well-managed companies not only seek capital but also maximize their investments, creating a solid foundation for long-term growth.
Business leaders often stumble in managing organizational change, according to Digiworld's Vice President To Hong Trang, who cited the 5W1H formula as a framework.
Pham Nguyen Confectionery, Nhat Tin Logistics, OnPoint, and Lotus Group have been recognized by Deloitte Vietnam as the best managed companies.
Kim Long Motor and Yuchai Corporation have launched a $260 million engine manufacturing plant in Vietnam, marking a significant leap for the country’s industrial ambitions.
