Sabeco sells 60 percent of shares offered at IPO

The initial public offering of Saigon Beer-Alcoholic Beverages Corporation (Sabeco) on March 10 was largely considered a success, according to the Ho Chi Minh City Stock Exchange (HOSE).

The auction winners, 77 percent of participants who won bids in January, claimed 78.4 million shares, accounting for 60 percent of the total 128.257 million shares offered in the IPO.

The average winning bid was 70,003 VND (4.38 USD), barely above the minimum of 70,000 VND (4.37 USD).

Sabeco has charter capital of 6.4 trillion VND (400 million USD) and supplies 50 percent of the local beverage market.

Its auction was expected to draw a total of 9 trillion VND (562.5 million USD) from the stock market. The company auctioned 20 percent of its total charter capital in the IPO.

VNA

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