Saigon Port IPO grosses nearly US$19 million

Saigon Port Company Limited sold out 35.71 million shares bringing VND411.13 billion (US$18.83 million) in its initial public offering organized at the Ho Chi Minh City Stock Exchange on Tuesday.

Saigon Port (Photo: SGGP)

The sold shares account for 16.51 percent of the company’s chartered capital.

Thirty nine investors attended the auction session, including three organizations and 36 individuals.

The shares were offered at the starting price of VND11,500 per share, which increased to the highest price of VND22,500 in the session. Average price was 14 dong higher than the starting price.

Saigon Port is a 100 percent state-own company under the Vietnam National Shipping Lines. The port’s chartered capital will reach VND2,162 billion (US$99 million) after equitization with 64 percent state-capital.

The auction session for normal investors had been successful. Saigon Port would continue selling another 35.71 million shares to strategic investors, said the company’s representative.

Three strategic investors registering to buy Saigon Port shares are property developer Vingroup (VIC), Vietnam Bank for Industry and Trade, and Vietnam Prosperity Bank.

By Nhung Nguyen – Translated by Hai Mien

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