Yeah1 Group Corporation has just announced that it would issue 7.82 million shares, equivalent to 25% of the company's shares, to cornerstone investors at about $13.2 per share.
This figure means that the company is valued at $411.7 million.
The share number sold to cornerstone investors was worth about $103 million. Capital funds, such as Capital Asset Management, Central Group Vietnam, Probus Group, TT International, and Vietnam Holding, have registered to buy around 70 per cent of those offered shares. The remaining 30 percent will be sold in a roadshow in Hong Kong, Singapore and Ho Chi Minh city from May 28th to June 1st.
Yeah1 said it would use the proceeds to increase its product quality and strengthen its regional position in Southeast Asia, specifically in Indonesia or the Philippines through joint ventures or mergers and acquisitions.
Established in September 2016, Yeah1 is a large multimedia system which included traditional television channels (Yeah1TV, Yeah1Family, Imovie, Uni), movie production (Yeah1 CMG) and digital channels on smartphones, web pages, and applications.
Yeah1 is dominating Asia in the YouTube Multi-Channel Network (YouTube MCN), and it is the only official partner to have full rights to publish Google content in Southeast Asia (Google Certified Publishing Partner - GCPP). In 2018, Yeah1 is expected to earn net revenue of about $70.3 million in 2018, up 90%. The net profit is expected to reach roughly $7.5 million, up 109%.
On May 24th, the Ho Chi Minh City Stock Exchange (HOSE) announced that Yeah1 had submitted the registration dossier. It is hoped that in June, there would be 27.4 million shares of YEG to be traded. The listing price is expected at $11 per share.
This initial public offering (IPO) will make it the first local entertainment company to list on the stock market. The company plans to increase its charter capital to about $13.7 million and become a 100% foreign-owned company.
Before Yeah1, another communication company that also had IPO plans is VTVCab. Approximately 48% of VTVCab's shares were auctioned with the starting price of about $6.2 per share. The value of that IPO was estimated at $259.3 million. However, VTVCab’s IPO failed because there was only one investor attending the auction.
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