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Nghe Tinh Port IPO a success

Released at: 09:33, 06/01/2015

Nghe Tinh Port IPO a success

Vinalines sells 3.89 million shares to nine investors.

by Son Ho

Vinalines held an IPO for its Nghe Tinh Port on December 31, its most successful of 2014, according to the Hanoi Stock Exchange (HNX). The IPO attracted 47 investors with total orders of more than 8.57 million shares, or 2.2 times higher than the 3.89 million on offer. The highest order was 2.2 million shares, or 56.5 per cent of the total.

All shares were sold to nine investors at an average price of VND12,129 ($0.57), of which the highest bid price was VND12,500 ($0.58), or 23.76 per cent higher than the starting price of VND10,100 ($0.47). Vinalines earned $2.20 million from the IPO, while still holding 51 per cent of charter capital of $10.06 million.

Four previous IPOs of Vinalines’ ports have been held, with results being less than anticipated.

Nha Trang Port offered 5.5 million shares but only 350,800 were sold, while Quang Ninh Port offered 11.3 million shares but sold just 854,500.

Da Nang Port’s IPO result was better, with 1.6 million shares being sold out of the 8.3 million on offer. Hai Phong Port - the largest seaport in the north of Vietnam - was only able to sell around 17.6 million shares out of 37.6 million shares on offer.

The ports must now conduct a second share sale.

The Can Tho Port Limited Company conducted an IPO on the same day, but was met with a lukewarm response, selling just 27,200 out of the 13.64 million shares available, to 16 investors. At an average price of VND10,788 ($0.5) per share, Can Tho Port earned around VND293 million ($13,638) from the sale.

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