Brokerage doubles size of IPO, now set for April

VietinBank Securities Co will double the size of its initial public offering in April to about 30 million shares, a source within the brokerage told VNS on condition of anonymity.

VietinBank Securities originally disclosed plans for an IPO of about 13.4 million shares in late March but decided to delay the IPO, it said, to "a more suitable time."

"We also planned to list shares in June if the IPO is made in April," the source said. "The final decision depends on the Ha Noi Securities Trading Centre as that is the place to arrange our auction."

Of the 29.8 million shares to be offered, the company would sell 11 million to strategic partners and 18.8 million to the public at an intial offer price of VND10,200 per share. It estimates it would be able to raise about VND304 billion (US$17.4 million) in capital through the IPO.

The company was considering some Japanese institutions which were keen to become strategic partners of VietinBank Securities, the source said.

VietinBank Securities has a charter capital of VND900 billion ($51.4 million), conducts institutional trading and provides brokerage, consulting, underwriting and share deposit services.

VietNamNet/VNS

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