BSR's share value reaches ceiling price on first day on UpCOM
BSR's share value reaches ceiling price on first day on UpCOM
Binh Son Refining and Petrochemical Company Limited (BSR)’s shares soared in value on the first day of transaction on the Unlisted Public Company Market (UpCOM), reaching the ceiling price of VND31,300 ($1.38) from the reference price of VND22,400 ($0.98).
This morning, BSR listed 241.4 million shares on the UpCOM. Within the morning, share value increased by 40 per cent compared to the reference price. Ending the transaction this morning, 11.73 million shares were traded at the average unit price of VND31,000 ($1.36).
Previously, BSR reported a successful initial public offering (IPO) with a complete take-up of the offered shares and the record selling unit price of VND14.8 million ($651.69).
The average selling price was VND23,043 ($1.01), 57.8 per cent higher than the initial price. The lowest selling price was VND20,800 ($0.92). Of particular note, an individual investor succeeded in buying 10,000 shares at the record price of VND14.8 million ($651.69) apiece.
Numerous foreign investment funds won at the IPO with high buying prices, two of which are Vietnam Opportunity Fund (VOF)—a member of VinaCapital—and Dragon Capital. VOF spent $25 million acquiring a 10 per cent stake in BSR.
After the IPO, BSR earned VND5.57 trillion ($245.26 million) in proceeds, 1.5 times more than it expected.
Regarding the race to become the strategic investor, to date, Petrolimex and Indian Oil have officially submitted the applications.
Besides, Russia’s top energy firms Rosneft and Gazprom Neft, Thailand’s PTT, and Kuwait Petroleum Corporation signalled intentions to join the race. However, no official movements have been implemented.
