Hanoi Toserco offloads all shares in IPO

The Hanoi Tourist Service Company (Hanoi Toserco) offloaded all 20.7 million shares in its initial public offering (IPO) on March 31.

Organiser of the deal, the Hanoi Stock Exchange (HNX) said the company earned VND299.2 billion ($13.9 million) in the sale, adding it was the largest IPO in terms of value this year.

The average price of the shares was VND14,469 ($0.67), an increase of 45 per cent over the reference price of VND10,000 ($0.46).

Among the 18 investors who registered to buy the shares, nine were Vietnamese individual investors.

Hanoi Toserco has a charter capital of VND440 billion ($20.6 million). It plans to increase the capital to VND748 billion ($35.1) after equitisation.

Established in 1988 in Ha Noi, the company is one of the city's first tour operators. It owns about a 30 per cent stake in the four-star Ha Noi Hotel and another 35 per cent stake in the five-star Pullman Ha Noi hotel.

After the IPO, the state still has a 45 per cent stake in the company.

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