Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is set to price its global equity offering at the top end of an indicative range, raising roughly $922 million and marking the country’s biggest-ever IPO, a source familiar with the matter said. The pricing underlines strong demand for equity issues in Vietnam as the government speeds up a privatization drive and the private sector expands furiously. Vietnam’s benchmark index .VNI rose 50 percent last year to rank as Asia’s best performer and is currently just below its record high. The largest private sector lender in Vietnam is expected to price 164 million shares or 14.1 percent of its equity capital at 128,000 dong ($5.62) each, compared with a marketed range of 120,000-128,000 dong each, the source said on Monday on condition of anonymity as pricing terms have not been announced. Techcombank declined comment. Reflecting the high level of participation from funds, cornerstone investors such as … [Read more...] about Techcombank to price Vietnam’s biggest IPO at top end, raise $922 million: source
Vietnam property price index
Foreign media laud Vietnam’s economic achievements
The US’s Bloomberg commented that the economy, which went into tailspin after a 2012 banking crisis and a collapse in property prices, is in robust health. A sizable middle class with discretionary purchasing power is taking shape as the crude oil, coffee and footwear exporter transforms itself into a manufacturing hub for the likes of Samsung Electronics Co. The UK’s Financial Times cited Vietnam’s impressive growth figures in diverse fields, saying that the country led the Southeast Asia in attracting 6 billion USD into initial public offerings last year. In the first quarter this year, Vietnam’s GDP growth hit decade-high 7.38 percent thanks to strides in industry and construction. Photo for illustration In the first quarter this year, Vietnam’s gross domestic product (GDP) growth hit decade-high 7.38 percent thanks to strides in industry and construction. Since January, the VN-Index has surged nearly 17 percent, outpacing major Asian … [Read more...] about Foreign media laud Vietnam’s economic achievements
Vingroup could raise as much as $2 billion in Vietnam’s biggest share sale: sources
Vingroup JSC is looking to raise as much as $2 billion from the listing of its residential property business in what could be Vietnam’s biggest initial equity offering, sources familiar with the matter said on Tuesday. The fund raising, double than what sources had estimated last month, comes as foreign and local investors pour money into the country, attracted by a strong economic growth and a slew of sales by state-owned and private companies. A couple of units of Vingroup are keen to sell down and raise funds through the equity offering, said two sources, who did not want to be named as they were not authorized to speak about the matter as the details are private. Vingroup, Vietnam’s biggest property developer, expects to kick off roadshows later this month and price the equity offering in mid-March, the sources said. Vingroup declined to comment on the share sale but said in a statement earlier in the day that Vinhomes filed an application this month to list its shares … [Read more...] about Vingroup could raise as much as $2 billion in Vietnam’s biggest share sale: sources
Techcombank kicks off Vietnam’s biggest IPO that aims to raise $922 million
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) launched on Friday the nation’s biggest IPO that aims to raise as much as $922 million and has attracted global funds as cornerstone investors, a term sheet of the deal showed. Equity issues are booming in the Southeast Asian nation as it speeds up a privatization drive. Strong interest from foreign investors and local funds has pushed up the benchmark index .VNI by 19 percent so far this year, making it one of Asia’s best performers after rising nearly 50 percent last year. Techcombank, Vietnam’s largest private sector bank, is offering shares in a price range of 120,000-128,000 Vietnamese dong per share ($5.27-$5.62) that will raise between $864 million to $922 million, according to the term sheet seen by Reuters. Singapore wealth fund GIC, Fidelity Management and Research and Dragon Capital are among funds coming in as cornerstone investors, the term sheet showed. Techcombank’s IPO will be … [Read more...] about Techcombank kicks off Vietnam’s biggest IPO that aims to raise $922 million
VN Index loses steam at 1,200 point level
Vietnam’s benchmark VN Index advanced on Wednesday but narrowed its growth at the end of the session as profit-taking pressure arose when the index approached the 1,200-point level. Investors and trading screens at Tan Viet Securities Company in Hanoi. The benchmark VN Index fell shortly after it touched the new high of 1,200 points on Wednesday. - VNS Photo Doan Tung The VN Index on the HCM Stock Exchange rose 0.27 per cent to end at 1,191.54 points, recovering from its previous fall of 0.7 per cent. The benchmark index increased as much as 1 per cent during the day to touch its new high of 1,200.71 points. More than 238.6 million shares were traded on the southern exchange, worth VNĐ8.55 trillion (US$380 million). The market trading condition was positive with 167 gaining stocks against 130 declining ones while 44 others ended flat. Large-cap VN30 Index also slowed gain down, closing up 0.41 per cent at 1,165.75 points with 17 of the 30 largest stocks by market … [Read more...] about VN Index loses steam at 1,200 point level