Lilama to sell 23.7% stake in IPO, Govt stake to fall to 51%

The Viet Nam Machinery Installation Corporation will make an initial public offering of 35.55 million shares, equivalent to 23.7 per cent of its capital, at an initial price of VND10,300 (46 US cents) on November 26 at the Ha Noi Stock Exchange.

After the IPO, the company will have a chartered capital of VND1.5 trillion ($66.67 million), with the State owning 51 per cent.

Around 23.7 per cent will be sold to strategic shareholders, and 1.6 per cent to employees.

The Government's stake will be pared further to 40 per cent by 2017 under an equitisation plan approved for the company.

The company, known more commonly as Lilama, was established in 1960 to restore the country's industry in the post-war period.

It now specialises in mechanical manufacturing, engineering and civil works.

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