VietinBank IPO set for Christmas day

The Vietnam Bank for Industry and Trade (VietinBank) intends to make an Initial Public Offering (IPO) of 53.6 million shares on the HCM Stock Exchange on Dec. 25.

The shares will have a face value of 10,000 VND each and individuals, economic and social organisations – are entitled to bid for them.

The stock exchange is expected to provide bidding information next Monday.

Prime Minister Nguyen Tan Dung approved the Vietinbank equalisation plan on September 23.

It allows the bank to offer 20 percent of its equity in the IPO.

Five percent will be offered to the public, 5 percent to domestic strategic investors and 10 percent to foreign strategic investors.

The plan requires the bank to maintain requires the bank to maintain a State stake of no less than 51 percent of its total equity with no more two foreign strategic investors.

Vietinbank now has a charter capital of 13.4 trillion VND (812 million USD)

VNA

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