Record-breaking stock auction anticipated on Vietnamese market (BCM)
Record-breaking stock auction anticipated on Vietnamese market (BCM)
Becamex IDC plans to offer 300 million shares with a starting price of VNĐ69,600 per share (US$2.74), aiming to raise over VNĐ20.88 trillion.
The headquarters of Becamex in Bình Dương Province. — Photo becamexdeptstore.vn |
The domestic stock market is set to witness a major event, with Becamex IDC preparing for a substantial stock auction that is expected to be the largest in Việt Nam's history.
Becamex IDC plans to offer 300 million shares with a starting price of VNĐ69,600 per share (US$2.74), aiming to raise over VNĐ20.88 trillion. On Monday, the company shares were trading at VNĐ70,900 per share.
The sale will be conducted through a public auction on the Hồ Chí Minh Stock Exchange (HoSE). The auction is scheduled to take place within a 90-day window that starts on February 3. SSI Securities Corporation is the sole advisor for this transaction.
Becamex IDC's auction was certified by the State Securities Commission of Việt Nam (SSC) and aims to attract individual and institutional investors, both domestic and foreign.
As of February 7, foreign investors will be allowed to purchase 31.77 per cent of the Becamex shares.
The proceeds from the auction will be allocated for investments in key projects, such as industrial zones like Cây Trường and Bầu Bàng, expanding the capital of affiliated companies and financial restructuring involving bond repayments and bank loans.
Becamex IDC, established in 1976, has become a reputable brand in investment and infrastructure development, focusing on industrial zones, residential areas, urban areas and transportation infrastructure.
The largest shareholder of Becamex IDC is currently the People's Committee of Bình Dương Province, holding 95.44 per cent of the shares. If the auction of 300 million shares is successful, the State's ownership in Becamex IDC will decrease to 74 per cent.
In May 2024, the Prime Minister issued Decision No. 426 approving the reduction of State capital in Becamex IDC from 95.44 per cent to 65 per cent by the end of 2025, providing the basis for the State to divest and reduce ownership in this enterprise.
