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Vinatex delays IPO until September
The Viet Nam National Textile and Garment Group (Vinatex) has postponed its initial public offering (IPO) until September 22, announced the HCM City Stock Exchange.
The postponement of one of the most significant IPOs of the country this year, initially set for July 22, was based on the group's suggestion and the Government's guidance.
Under the approved plan, of the VND5 trillion ($234.7 million) capital which is equivalent to 500 million shares, 122 million shares would be sold in the IPO. The plan allowed the State to hold 51 per cent of the capital, and the local staff to sell 3 million shares, or 0.6 per cent of the charter capital. The company would also sell 120 million shares, or 24 per cent of the charter capital, to strategic partners.
With an initial price of VND11,000 ($0.49) per share, the IPO was expected to raise around VND1.22 trillion ($58 million).
According to Vinatex's Chairman of board of members Tran Quang Nghi, it would take three years to get the stocks listed on the exchanges.
Nghi added that in case of an early signing of the Trans-Pacific Partnership Agreement, the listing would be implemented earlier, perhaps within one to two years.
Vinatex is targeted to reach an export turnover of $3.6 billion by 2015 and $5 billion by 2020. On July 8, it appointed former deputy general director Le Tien Truong as its general director.
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