State-owned Viglacera to offer 307m shares in IPO
State-owned Viglacera to offer 307m shares in IPO
State-owned Viglacera Corporation, a ceramic building material producer in Viet Nam, will issue 307 million shares worth VND10,000 (US$4.7) each in an initial public offering (IPO).
The IPO is part of an equitisation plan by Viglacera, which aims to become the top construction material manufacturer in the country.
Viglacera's plan, which targets charter capital of VND3.07 trillion ($1.46 billion), has been approved by the Prime Minister.
Viglacera said on Wednesday that it will sell over 76.9 million shares, or 25.07 per cent of its charter capital, by auction at a starting price of VND10,300 (48 US cents) each.
Viglacera is among the leading companies in the construction industry in Viet Nam, exporting more than $23 million of products to 40 countries and territories worldwide.
The group focuses on manufacturing materials for the construction of industrial parks, urban and commercial areas, and houses.
Along with equitisation efforts, it plans to restructure its operations by selling off non-lucrative projects.
Going forward, Viglacera will focus on two core businesses, including building materials and real estate. It also estimates an average annual growth rate of between 10 per cent and 15 per cent.
According to Luyen Cong Minh, chairman of Viglacera, the company's IPO will offer a buying opportunity for investors seeking long-term profits.
The company plans to list on the exchange at the end of one year from the IPO.
vietnamnews
