Vincom Retail to reach $2.8-billion market cap
Vincom Retail to reach $2.8-billion market cap
On November 6, Vincom Retail, a subsidiary of Vingroup Corporation, launched the sale of 1.9 billion shares listed on the Ho Chi Minh City Stock Exchange (HOSE), becoming a billion-dollar enterprise with the market capitalisation of roughly $2.8 billion.
Vincom Retail, under the ticker VRE, is the first shopping centre enterprise to be listed on the Vietnamese stock exchange.
At the rate of VND33.800 ($1.49) per stock, the market cap from the firm’s first transaction mounts up to VND64.2 trillion ($2.83 billion).
The ceiling price of the VRE ticker was recorded at VND40.550 ($1.79) with ATO quoted at 13 million units, while the stock exchange fluctuation rate was approximately 20 per cent.
Thereby, Vincom Retail’s market cap has exceeded $3 billion, surpassing numerous top enterprises in the domestic market, such as Masan Group, Petrolimex, Vietjet Air, VPBank, and Vietinbank, among others.
However, only 300 share orders were electronically matched after the first 30 minutes of listing.
Previously, on October 16, all eyes were on Vincom Retail due to the IPO launch of 380.2 million shares with an estimated record valuation of $713 million, promising to be the largest private sector domestic IPO in the last decade.
Vincom Retail’s November stock transaction broke the latest IPO record of Vietjet’s 100 million in 2016.
Up until late September, Vincom Retail has operated, managed, and leased 41 flagship shopping centres with a total of 1.1 million square metres of retail store space.
Vincom Retail’s 2017 net revenue target was VND4.6 trillion ($202.2 million) with the after-tax profit of VND2.1 trillion ($92.3 million).
The firm targeted revenue and profit growth of 75 and 55 per cent in 2018.
Vincom Retail was founded in 2012.
