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PV Gas sets November IPO date
Shares of PV Gas, an affiliate of the Viet Nam National Oil and Gas Group, will be auctioned at an initial public offering to be held at the HCM City Stock Exchange on November 17.
Almost 95 million shares with a face value of VND10,000, or 5 per cent of the total charter capital of VND18.95 trillion (US$972 million), will be sold.
The starting price will be VND31,000, according to the company's general director, Do Khang Ninh.
After the auction, PV Gas will seek to sell a almost 15 per cent of its stake to strategic partners, with 14 leading global oil and gas companies and funds vying for it.
Besides, slightly less than 1 per cent will be sold to employees.
The firm is also preparing to list in HCM City on February 14, after which a further 5 per cent will be sold to the public, bringing down the State's ownership to below 75 per cent.
PV Gas, established in 1990, has interests in transportation, storage, processing, and trading gas and gas products.
It almost fulfilled this year's financial targets in the first nine months, achieving a net profit of VND3.911 trillion on a turnover of more than VND33 trillion.
The company expects to achieve full-year net profit of VND4.5 trillion this year, VND5.5 trillion next year, and VND6 trillion in 2012.
Bao Viet Securities is acting as the consultant for the IPO and Ban Viet Securities is the listing advisor.
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