Agribank securities IPO oversubscribed

Agribank Securities Inc., a brokerage unit of Vietnam’s biggest bank, received more bids than available shares in its initial public offering, the Hanoi Securities Trading Center said in a statement on its website.

The Hanoi-based brokerage, known as Agriseco, received bids for 32 million shares, according to the statement. The company, a unit of Vietnam Bank for Agriculture & Rural Development, said last month it plans to sell 30 million shares with a minimum bid of VND10,500. Agriseco said last month it would have a registered capital of VND1.2 trillion ($68.6 million) after the sale.

Of the 450 investors who registered to buy shares, 447 are individual investors and the rest are institutions, according to the exchange’s statement.

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