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Vietcombank shares hot on debut, index down
Shares of Vietcombank, a major lender in Vietnam, increased by a maximum 20 percent on their Ho Chi Minh City Stock Exchange debut on Tuesday, which found it hard to buy the shares because of the bank’s limited listing.
Vietcombank has listed 112 million shares, or just 9.8% of the total. The stock closed at 50,000 dong, making the maximum increase 20% compared with the expected listing price.
Under law, a company can list 20% of all of its shares for debut. Vietcombank did not do this.
The lender, or the Bank for Foreign Trade of Vietnam, says its current total asset is worth VND222 billion, equal to US$12.5 billion. Vietcombank, the first state-run bank in Vietnam to have an initial public offering, raised US$652 million from its IPO in December 2007.
On Tuesday, the Ho Chi Minh City Stock Exchange’s VN Index closed down 2.63 percent at 448.29 points.
In Hanoi, the Hanoi Exchange’s HNX Index also closed down 3.09 percent at 149.04 points.
On June 25, Bao Viet Holdings Company, the country’s top insurer, started its listing and saw increases during four consecutive days, closing at 53,000 dong from 38,500 dong, up 4.95 percent. The stock also saw a fever on its debut as Vietcombank did today.
VietinBank (Vietnam Bank for Industry and Trade), another major lender in the country, is to make its listing debut on July 16.
Van Le
sggp
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