Vietinbank Securities to revive IPO when VN-Index rises to 270

Vietnam Bank for Industry & Trade Securities Co., the brokerage unit of the country’s fourth-biggest bank by assets, said it will resume its initial share sale when the benchmark VN-Index climbs to 270.

“It was a wise decision to cancel the sale because there are many blue-chip stocks sold at a very low price at the moment. Liquidity is low and I do not think many investors will be interested,” Nguyen Mien Tuan, director of Ho Chi Minh City-based Viet Dragon Securities Co, said.

The Hanoi-based brokerage, known as VietinBank Securities, has planned to raise around US$7.8 million in an initial share sale. It will sell about 13.4 million shares, with a minimum bid of VND10,200, the Hanoi Securities Trading Center said in a statement on its website.

Bloomberg, thanh nien

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