Auction will get IPO underway on April 13 at HNX.
The Hanoi Stock Exchange (HNX) has announced details of the IPO of the Infrastructure Development and Construction Corporation (Licogi).
21,269,000 shares, accounting for 23.63 per cent of charter capital, will be auctioned at 9am on April 13 at the Hanoi Stock Exchange, at a starting price of VND10,000 ($0.468) per share. Charter capital post-equitization is expected to be around VND900 billion ($42.14 million).
Its IPO involves a total of 90 million shares valued at VND10,000 ($0.468) each. Of these, 36 million are State-owned, equivalent to 40 per cent of charter capital, 1,168 million are preferential shares to be sold to employees, 1.3 per cent, and 63,000 will be sold to the union, or 0.07 per cent of charter capital. Strategic partners have 31.5 million shares available, or 35 per cent. The remainder are for public bidding.
Licogi's main business is construction, installation and general contracting in the civil, industrial, transportation, irrigation, hydropower, and thermal power fields, as well as in engineering works for urban infrastructure and industrial parks, transmission lines, and substations. It also invests in and develops projects in housing and urban areas, among others.
The government approved its equitization plan in December last year.