TPBank (TPB) heads to HSX at VND32,000 initial price
TPBank (TPB) heads to HSX at VND32,000 initial price
Hanoi-based TPBank is joining its peers to list on the Ho Chi Minh City (HSX) in the upcoming weeks of April, expecting some $1 billion of market capitalisation by the end of the year.
TPBank (HSX: TPB) is scheduling the date of April 19 for 555 million of its shares to be officially listed on the southern bourse at the initial price of VND32,000 ($1.41), which will help boosting its chartered capital to VND8.5 trillion ($337.77 million).
TPB chairman Do Minh Phu anticipated the bank’s market capitalisation to exceed $1 billion in the fourth quarter, following the scheduled listing. To reach the said figure, TPB shares will have to rise some 30 per cent in value against the initial listing price.
Meanwhile, at the given initial reference price, TPBank expects to raise at least VND17.76 trillion ($789.33 million) at the upcoming share issuance on HSX. The bank is also allowing 20 per cent of variance to the reference price.
TPBank’s charter capital currently stands at VND5.842 trillion ($259.64 million), up approximately VND292 billion ($12.97 million) from the figure registered in 2016, which was then raised through a private placement to IFC. IFC at the time spent approximately VND403.1 billion ($17.91 million) on the deal in the form of dividend preferential shares. Once converted, IFC will become a shareholder, owning 4.99 per cent of TPB’s equity.
According to the bank’s prospectus, as of March 21, 2018, FPT held 8.68 per cent of TPB, while Doji Gold and Gems Group and Vietnam National Reinsurance Corporation owned 7.6 and 5.14 per cent, respectively.
Late last year, Finnish-backed PYN Fund Management signed a share purchase agreement to acquire 4.99 per cent of TPB for $40 million, making its first investment in a local bank.
Phu, while not directly owning any of the bank’s shares, controls 110.5 million shareson other organisations and his family's members' behalf, equivalent to nearly 19 per cent of the bank’s equity. At the price of VND32,000 per share, the value of the assets he represents adds up to VND3.5 trillion ($155.55 million).
As of December 31, 2017, TPBank had a network of 30 branches and 43 transaction offices nationwide, apart from 48 LiveBank kiosks located chiefly in Hanoi and Ho Chi Minh City.
By the end of 2017, TPBank pumped its total assets to VND124.04 trillion ($5.51 billion), up 17 per cent on-year. Its after-tax profit was recorded at VND963 billion ($42.8 million), an increase of 70 per cent on-year. Return on equity (ROE) stood at 15.59 per cent, while return on assets (ROA) sat at 0.84 per cent.
TPBank reported a non-performing loans ratio of 1.08 per cent at the end of the financial year 2017.
Prior to its debut on HSX, the bank will hold two roadshows in Hanoi and Ho Chi Minh City on April 12 and 17, respectively, to introduce investment opportunities for investors.
