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Vietcombank takes more hits, Sabeco’s IPO looks grim
Many investors decided to not make payment for shares they successfully purchased at Vietcombank’s IPO in December 2007. Meanwhile, investors have only registered to buy 61% of total shares Sabeco offered at its IPO.
Yesterday January 22, was the deadline for investors to make payment for the Vietcombank shares they bought at the company’s IPO.
Just before the deadline, the Government released a dispatch, informing them of the Prime Minister’s assertion that Vietcombank will hold a shareholders’ meeting in the first quarter of 2008 and list on the HCM City bourse in June 2008.
However, this could not rescue Vietcombank’s share prices from falling on the OTC market.
On securities websites, a lot of investors are offering to sell shares for VND98,000/share, VND10,000/share lower than the IPO’s average accepted price of VNDVND107,600/share. Many investors have decided to give up, accepting losing their deposit.
Securities companies confirmed that a significant number of investors had not made payment by the end of yesterday afternoon.
Nguyen Mien Tuan, General Director of VDSC, said that only 60-70% of investors who successfully purchased Vietcombank’s shares through VDSC, have made payment. Meanwhile, the percentage of investors who have made payment at ACBS is more satisfactory, at 95%.
Also yesterday, a big name in the brewery industry, Sabeco, announced registration results for its IPO, slated for the first quarter of 2008.
Only 61% of the total shares Sabeco is offering have been registered.
The figure does not surprise analysts, who say all parties are suffering from the market falls, including major players like Vietcombank or Sabeco
“If Sabeco held its IPO when the VN Index was at 1,000 points, Sabeco’s shares would sell like hot cakes,” said Tran Duong Ngoc Thao, Deputy Director of the HCM City Branch of Tan Viet Securities Company.
Analysts also say this is not a suitable time for Sabeco to hold its public offering. A lot of investors are now busy arranging enough money to make payment for Vietcombank shares they purchased, and will not have enough money to buy Sabeco shares.
Analysts also pointed out that the starting price for Sabeco’s shares, set at VND70,000, is unattractive to investors.
The figures provided in Sabeco’s report to serve its IPO show its P/E is 43, while the indexes of other blue chips are just 17-20.
Meanwhile, Rong Viet Securities Company’s report says that a price of VND55,000/share would be more appropriate considering current circumstances. The price may rise to VND67,000/share if its 2008 business results are satisfactory.
VNN
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