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Demand for SAGS shares rises before IPO
Investors have registered to buy Saigon Ground Services (SAGS) shares numbering 15 times more than the 2.7 million shares to be offered at the company's initial public offering (IPO).
The HCM City Stock Exchange, where the IPO scheduled for December 8 will be held, has announced that a total of 254 investors had registered to buy 40.1 million shares, and none of them are foreign investors.
The volume of shares for auction is equal to 19.3 per cent of the company's registered capital of VND140.5 billion (US$6.7 million).
Each share will be sold at an initial price of VND12,371 ($0.58).
The company's three strategic shareholders include the Investment Mining Port Joint Stock Company with 1.83 million shares or 13 per cent of the total registered capital; VietJet Air with 562,000 shares or four per cent; and Hoan Loc Viet Investment and Trade Joint Stock Company with 316,000 shares or 2.25 per cent. The shareholders are expected to support the company's business after its equitisation.
In the first six months of 2014, SAGS earned VND237 billion ($11.28 million) in revenues and VND43 billion ($2.04 million) in after-tax profits. The company is aiming for VND45 billion ($2.14 million) in after-tax profits per year from 2015 to 2017.
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