Foreign investors offered 296.46 million remaining Becamex shares on January 3
Foreign investors offered 296.46 million remaining Becamex shares on January 3
Foreign investors are offered a maximum of 296.46 million shares in Becamex IDC Corporation (Becamex IDC) at the second auction which is expected to be held on January 3, 2018.
According to information published on the company website, Becamex IDC will offer these shares at the initial price of VND31,000 ($1.35) apiece, the same price as at the first auction.
Earlier on December 1, Becamex IDC put 311.2 million shares, equalling 23.6 per cent of its charter capital, on sale at its initial public offering (IPO). As a result, 149 of 158 registered investors won in the bidding with the highest and lowest buying prices of VND40,000 ($1.76-1.35) and VND31,000 per share.
After the bidding, Becamex IDC only acquired VND587.7 billion ($25.87 million) from selling 18.9 million shares or 6 per cent of the offered share volume.
The reason behind so many shares being unmarketable was the corporation’s apathy in communications as well as in publicising information about its IPO plan.
Notably, while other enterprises, especially large-scale enterprises owned by State Capital Investment Corporation, have been ready to communicate their IPO plans to draw in as many investors as possible—Sabeco and Vinamilk even organised roadshows abroad, Becamex’s IPO was largely a quiet business. Notably, with the exception of publishing the bidding and divestment plans, Becamex IDC released no further information.
There are opinions that the reason behind Becamex IDC remaining silent was that finding more investors via the IPO ranked rather low among the company’s priorities as it is currently collecting resources to develop the Binh Duong smart city project.
