PV Power set for August IPO

PetroVietnam Power Corporation (PV Power) decided to make its initial public offering (IPO) this August, the electricity producer announced.

The amount of shares offered for the public sale accounts for just 3-4 per cent of its capital.

It also plans to sell a 45 per cent stake to long term strategic investors this year and can upstake to 60 per cent, depending on the approval of the Government.

The total sale of 49 per cent stake could fetch about US$600 million for this power producer.

PV Power has met some strategic investors such as VinaCapital Investment Management Ltd., BNP Paribas, Standard Chartered, Deloitte, Indochina Capital Corporation and Dragon Capital.

PV Power is a member company of the Viet Nam Oil and Gas Group (PVN) and is currently the second largest power supplier in Viet Nam, behind Electricity of Viet Nam (EVN).

The corporation has targeted revenue of VND29 trillion ($1.29 billion) in 2017, a year-on-year increase of 9.3 per cent.

bizhub

>   Deputy Minister: VINACAFE equitisation a must (06/04/2017)

>   Petrolimex promises HOSE price no lower than $1.7 (03/04/2017)

>   Sovico Investment, BS Refining talk equitisation (03/04/2017)

>   Kido reports foreign investors lining up for IPO of frozen foods subsidiary (31/03/2017)

>   Petrolimex announces April IPO (31/03/2017)

>   KIDO Food IPO in April (29/03/2017)

>   KIDO frozen food division announces IPO (24/03/2017)

>   PV Power to launch IPO this year (23/03/2017)

>   SOE equitisation: Gov’t must work on legal framework (21/03/2017)

>   PV Oil to sell 40% stake to investors (10/03/2017)