2 SOEs to float shares on UPCoM
2 SOEs to float shares on UPCoM
Two large State-owned enterprises – Viet Nam Rubber Group and Power Generation Corporation 3 – will start trading shares on the Unlisted Public Company Market on March 21 (UPCoM).
This was announced by Ha Noi Stock Exchange.
Their listings come a short time after they made initial public offerings (IPOs) in February.
The Viet Nam Rubber Group will trade over 99 million shares on March 21 under the sticker GVR at a reference price of VND13,000 (57 US cents) per share for the first trading day. With four billion shares in total, GVR’s market value is VND52 trillion ($2.28 billion).
The rubber group floated over 475.1 million shares, equivalent to 11.88 per cent of its capital, in its IPO on February 2, but only 110.7 million shares were sold out. Under the group’s equitisation plan, the State will hold 75 per cent of capital after the IPO and another 11.88 per cent will be offered to strategic investors.
The company’s leader has said it plans to shift the listing of shares to HCM Stock Exchange in June or July this year.
Genco 3 registered to trade over seven million shares under the sticker PGV. The reference price for the first trading day is set at VND24,800 per share.
Viet Nam’s second-largest power generation company by installed capacity made an IPO on February 9, but only 7.45 million shares, or 3 per cent of its total offer of 267 million shares, were purchased.
The company plans to auction another 36 per cent of its capital, worth some VND18.5 trillion, to strategic investors in near future. At least four foreign investors have registered for the auction.
