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Shares of VCI hit the ceiling on first trading day
Viet Capital Securities JSC had a successful debut on the Ho Chi Minh Stock Exchange today.
This morning, Viet Capital Securities (VCSC) listed 103 million shares on the Ho Chi Minh Stock Exchange, pricing each stock at VND48,000 ($2.11). The shares immediately hit the roof, rising by 20 per cent to reach VND57,600 ($2.53) during the morning trading session.
This surge confirmed earlier forecasts by the firm’s deputy CEO Dinh Quang Hoan, who was positive that VCSC would attract overwhelming demand from investors.
Prior to today’s listing, VCSC has held a private placement for investors, who altogether bought 10 per cent of the shares, to raise VND720 billion ($31.65 million) for the brokerage. At least 28 overseas funds have joined the placement, hailing from Singapore, Thailand, the US, Europe, and Japan, together with Vietnamese names, such as Dragon Capital, Vietnam Holding, and PXP.
In 2016, VCSC reported VND894 billion ($39.3 million) in revenue and VND338 billion ($14.8 million) in post-tax profit. The brokerage aims to boost this revenue by 22 per cent in 2017, while profit is anticipated to grow by 30 per cent.
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