More interest than shares available as agricultural giant sells nearly 40% of charter capital.
The Vietnam National Vegetable, Fruit, and Agricultural Product Corporation (Vegetexco Vietnam) successfully held an initial public offering (IPO) on September 4.
The corporation auctioned 27.7 million shares to the public on the Hanoi Stock Exchange, or 38.8 per cent of its charter capital after equitization, with a starting price of VND10,051 ($0.45) per share.
Six individual investors registered to buy a total of 31.2 million shares, 12.6 per cent more than that available. The highest bid price was VND12,001 ($0.52) per share and the lowest was its starting price.
All shares were sold to these six individual investors, for a total value of more than VND278.1 billion ($12.2 million), representing a capital surplus of more than VND1.4 billion ($61,600).
Vegetexco Vietnam is the largest enterprise in Vietnam specializing in exporting vegetables, fruit, and agricultural products. Its headquarters are in Hanoi’s Dong Da district and it has charter capital after equitisation of VND731 billion ($32.1 million).
Its products can be found in nearly 60 countries and territories worldwide, including major markets such as the EU, the US, Russia, Japan, and China.
In the first six months of this year the corporation’s revenue was VND102.5 billion (4.51 million) and after-tax profit VND19.6 billion ($862,400), up 17 per cent year-on-year.