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Lilama offloads only 3% of shares in IPO
The Viet Nam Machinery Installation Corporation (Lilama) sold only 3 per cent of the total 35.55 million shares offered in its initial public offering on November 26.
According to the IPO organisation, the Ha Noi Stock Exchange, there were 112 individual investors at the auction, but no institutional investor. Registering to buy 1.09 million shares, investors successfully bought the small portion of shares at VND10,362 (US$0.459) each, just 62 dong or $0.3 cent higher than the starting price of VND10,300($0.456).
After the IPO, Lilama earned VND11.3 billion (US$501,330) and the remaining 97 per cent of shares were kept unsold.
As planned, Limama would have chartered capital of VND1.5 trillion ($66.67 million) with 51 per cent stake owned by the State, 23.7 per cent to be sold to strategic shareholders, and 1.6 per cent sold to employees, while the remaining 23.7 per cent was designed to be sold in the IPO.
The company was established in 1960 to restore the country's industry since the post-war period. It now specialises in mechanical manufacturing, engineering and civil works. Significant works of the company include Uong Bi Thermal Power Plant, Ca Mau Thermal Complex, and Vung Ang Thermal Plant, in addition to Nhon Trach 1 and Nhon Trach 2 thermal plants, and the Son La Power Plant.
Based in Ha Noi, Lilama, with 15 subsidiaries and 7 associated companies, belongs to the Ministry of Construction. It expected to show earnings of VND4.213 trillion ($168.9 million), VND13.971 trillion ($619.9 million) and VND13.987 trillion ($620.5 million), in 2016, 2017 and 2018 respectively.
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