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Vietcombank to list at VND50,000
The Bank for Foreign Trade of Viet Nam (Vietcombank) share price offered on the first listing day at the HCM City Stock Exchange on Tuesday has been fixed at VND50,000 (US$1.21) apiece.
The price was officially revealed on the bank’s website late last week. The website said Vietcombank would sell 112.3 million shares worth VND112.3 billion ($31.72 million) – 9.28 per cent of its charter capital.
Vietcombank made its initial public offering on December 26, 2007.
The bank offered 97.5 million shares at an initial price of VND100,000. The average winning price was VND107,806 a share.
Nguyen Hoa Binh, chairman of Vietcombank, said that the price assessment was based on the bank’s profitability, market conditions and offerings by other listed banks.
"We set this price and investors will treat it right," Binh said. "But our assessment is always in accordance with market conditions."
Nguyen Ho Nam, CEO of Sacombank Securities, said that present market conditions were favourable for listings as confidence in the economic recovery was growing and that the market had begun to see a greater injection of capital.
On the scale of the listing, Binh said that 9.28 per cent of charter capital was normal. "However, an offer price of VND50,000 will generate a market capitalisation of over VND5 billion, which is not really small."
Still no partner
Vietcombank has yet to find a foreign strategic partner even though its listing date is approaching, which Binh blamed on the economic crisis.
However, he said there had been a number of interested parties.
Vietcombank plans to offer foreign partners a 2.4 per cent stake in its business.
In the first six months of this year, it expects to earn VND2.4 trillion ($134.83 million) in pretax profit.
Up to December 31, 2008, the bank had a charter capital of VND12.1 trillion ($679.8 million).
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