State-owned Vietnam Meat Industries Company, known as Vissan, raised nearly VND907 billion in an initial public offering (IPO) after receiving bids that were almost six times higher than the offering price at the Ho Chi Minh City Stock Exchange on March 7.
The firm sold all 11.32 million shares, or 14 percent stake, on offer at an average price of VND80,053 at the auction which attracted 142 local and foreign investors. Of which, the highest bid was VND102,000 per share and the lowest was VND67,000 per share, compared to a starting price of VND17,000 per share set by the firm. Five individual investors and one foreign organization won the auction.
Mr. Van Duc Muoi, CEO of Vissan, said that on March 24 the firm will hold an auction to sell shares to three strategic partners.
According to equitization plan, Vissan has a chartered capital of VND809.14 billion, of which the Government holds 65 percent stake, strategic partners and other investors keep 14 percent stake each, or about 11.33 million shares, and its employees hold 7 percent stake, or about 5.66 million shares.