Vietnam’s Saigon Port Company Limited sold 35.71 million shares through its initial public offering (IPO) at the Ho Chi Minh City Stock Exchange, for a total of VND 411.13 billion (USD 18.83 million).
The sold shares account for 16.51 percent of the company’s chartered capital. Thirty nine investors attended the auction session, including three organizations and 36 individuals.
The shares were offered at the starting price of VND11,500 per share, which increased to the price of VND 22,500 in the session.
The port’s chartered capital is expected to reach VND 2,162 billion (USD 99 million) after equitization with 64 percent state-capital.
Saigon Port plans another offering of 35.71 million shares to strategic investors.
Three strategic investors registering to buy Saigon Port shares are property developer Vingroup (VIC), Vietnam Bank for Industry and Trade, and Vietnam Prosperity Bank.
Saigon Port is a wholly-owned subsidiary of the state-owned Vietnam National Shipping Lines, and it operates four container ports in the country.