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PV Gas raises about $97 mln in IPO
Petrovietnam Gas Corporation (PV Gas), a subsidiary of Vietnam's state oil group, sold 60.97 million shares at an average 31,000 dong ($1.59) per share on Wednesday, falling short of plans to sell a 5 percent stake.
The price matched the starting price the company had announced in advance but volume was well under the nearly 95 million shares it had planned to auction in the initial public offering, raising the company about $97 million, PV Gas chief executive officer Do Khang Ninh told Reuters.
"We have sold 60 percent of the shares we offered and feel satisfied with it", Ninh said.
PV Gas, which called the IPO Vietnam's biggest ever, has said it would also sell a 15-20 percent stake to a strategic investor in an auction estimated to be worth about $600 million. [ID:nTOE6A803M] Thailand's PTT and global private equity firms are lining up to bid, and sources with direct knowledge of the matter said other interested parties could include ConocoPhillips and India's Oil and Natural Gas Corp Ltd (ONGC) .
The company sold 60.97 million share, yielding 1.89 trillion dong, the Ho Chi Minh Stock Exchange said in a statement. The highest bidding price was 55,000 dong and the lowest was 31,000 dong, it said.
One of Petrovietnam's three largest corporations, PV Gas said on its website (pvgas.com.vn) the shares would list immediately but Ninh told Reuters last week they were not expected to list on the exchange until early next year. The offering had been delayed for a month due to the unfavourable conditions of the domestic stock market, state media said.
In the latest major IPO by Vietinbank in Dec 2008, the Hanoi-based bank managed to sell all the 53.6 million shares offered, or 4 percent of the registered capital, at an average of 20,265 dong for each share, just 265 dong above the starting price. ($1=19,495 dong).
reuters
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