PetroVietnam Power Corp readies for multi-billion IPO this month

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Petrovietnam Power Corp Readies For Multi-billion Ipo This MonthPetroVietnam Power Corporation (PV Power), the country’s second largest power producer, will list on the Ho Chi Minh City stock exchange on January 14 with an expected market capitalisation of $1.5 billion.

The exchange has approved that the firm lists 2.34 billion shares under the trading code POW at 14,900 dong ($0.64) per share. To make the official listing possible, PV Power delisted from UPCoM, the market for unlisted public companies, on December 27.

PV Power is a young company that was established in 2007 with 100 per cent capital from the state. It finished equitisation in the middle of last year with a charter capital of around $1 billion.

State-owned oil and gas giant PetroVietnam remains PV Power’s largest stakeholder, with 79.94 per cent of its charter capital. Foreign investors currently own 14.3 per cent. The company is subject to a foreign ownership cap of 49 per cent.

PV Power produces and sells electricity. It also imports and distributes coal and operates five electricity plants. It is the second largest power producer in the country after national utility Vietnam Electricity.

The company estimates its total electricity output of the system in 2018 will reach more than 21 billion kWh. Its total revenue will likely hit 33.36 trillion dong ($1.43 billion) by year-end, exceeding the yearly target by 6 per cent. In the 2016-2018 period, PV Power’s revenues were 28 to 30 trillion dong ($1.2 to 1.29 billion), 96 per cent of which came from selling electricity.

PV Power’s dividend yield for last year is expected to be 3 per cent and is set at 6 per cent for this year.

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Reading Time: 1 minute

PetroVietnam Power Corporation (PV Power), the country’s second largest power producer, will list on the Ho Chi Minh City stock exchange on January 14 with an expected market capitalisation of $1.5 billion.

Reading Time: 1 minute

Petrovietnam Power Corp Readies For Multi-billion Ipo This MonthPetroVietnam Power Corporation (PV Power), the country’s second largest power producer, will list on the Ho Chi Minh City stock exchange on January 14 with an expected market capitalisation of $1.5 billion.

The exchange has approved that the firm lists 2.34 billion shares under the trading code POW at 14,900 dong ($0.64) per share. To make the official listing possible, PV Power delisted from UPCoM, the market for unlisted public companies, on December 27.

PV Power is a young company that was established in 2007 with 100 per cent capital from the state. It finished equitisation in the middle of last year with a charter capital of around $1 billion.

State-owned oil and gas giant PetroVietnam remains PV Power’s largest stakeholder, with 79.94 per cent of its charter capital. Foreign investors currently own 14.3 per cent. The company is subject to a foreign ownership cap of 49 per cent.

PV Power produces and sells electricity. It also imports and distributes coal and operates five electricity plants. It is the second largest power producer in the country after national utility Vietnam Electricity.

The company estimates its total electricity output of the system in 2018 will reach more than 21 billion kWh. Its total revenue will likely hit 33.36 trillion dong ($1.43 billion) by year-end, exceeding the yearly target by 6 per cent. In the 2016-2018 period, PV Power’s revenues were 28 to 30 trillion dong ($1.2 to 1.29 billion), 96 per cent of which came from selling electricity.

PV Power’s dividend yield for last year is expected to be 3 per cent and is set at 6 per cent for this year.

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