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Vietnam airports operator seeks to raise $41 mln at IPO
Airports Corporation of Vietnam (ACV), one of the country's biggest state-run firms, seeks to sell a 3.47 percent stake to the public for at least $41 million, according to the Ho Chi Minh City Stock Exchange.
The Dec. 10 initial public offering (IPO) of the airport operator would be the latest in a gradual selloff of State-Owned Enterprises (SOEs) that has been criticised for meagre stake offerings and unrealistic valuations.
ACV will set aside a one-fifth stake for a yet-to-be decided strategic investor and the state would retain 75 percent control of the company. The remaining 1.53 percent will be offered to employees, the government has said.
France's Aeroports de Paris SA is interested in becoming a strategic investor in ACV, which runs 22 airports in Vietnam and will lead construction of a $16-billion airport near Ho Chi Minh City planned for 2018, Vietnam's civil aviation chief said in June.
About 78 million shares of ACV will be offered at the initial offering price of 11,800 dong ($0.5282) each, which would value the company at $1.18 billion, compared to its registered capital of $1 billion.
The small number of shares on offer and the sizable stakes retained by the government have been a hurdle in a state "equitisation" drive aimed at raising capital, restructuring firms and boosting competitiveness of Vietnam's SOEs.
ACV's IPO would mirror that of Vietnam Airlines in 2014, which raised $51 million from local investors for a stake of just 3.47 percent.
That IPO was considered emblematic of the country's privatisation problems because foreigners showed little interest in the flag carrier, despite its expansion and huge growth in the local aviation market.
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