Share price of Vietnam’s BIDV rises 4% in IPO

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BIDV1Shares of Vietnam’s second-largest lender Bank for Investment and Development of Vietnam (BIDV) rose 4.3 per cent to 19,500 dong ($0.9) each after its opening on the Ho Chi Minh Stock Exchange on January 24 in the country’s largest stock debut so far.

The share price of the Hanoi-based lender rose from a starting price of 18,700 dong each before reaching 19,500 dong i the early afternoon. The VN Index also advanced 0.3 per cent.

After the $2.5 billion stock debut, BIDV said it will seek foreign investors. The bank is a major lender for Vietnam’s large companies. Just recently, it has signed an agreement to extend a $600 million loan to the Vietnam Textile and Garment Group (Vinatex). The financing agreement includes a $250 million short-term loan and a $350 million medium- to long- term loan.

In 2013, BIDV posted a pretax profit of about $259 million and is targeting at least $300 million this year. The bank’s bad debt ratio will be curbed at a maximum of 2.6 per cent, compared with 2.3 per cent in 2013. BIDV plans a dividend payout ratio of 8 to 9 per cent in 2014.

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Reading Time: 1 minute

Shares of Vietnam’s second-largest lender Bank for Investment and Development of Vietnam (BIDV) rose 4.3 per cent to 19,500 dong ($0.9) each after its opening on the Ho Chi Minh Stock Exchange on January 24 in the country’s largest stock debut so far.

Reading Time: 1 minute

BIDV1Shares of Vietnam’s second-largest lender Bank for Investment and Development of Vietnam (BIDV) rose 4.3 per cent to 19,500 dong ($0.9) each after its opening on the Ho Chi Minh Stock Exchange on January 24 in the country’s largest stock debut so far.

The share price of the Hanoi-based lender rose from a starting price of 18,700 dong each before reaching 19,500 dong i the early afternoon. The VN Index also advanced 0.3 per cent.

After the $2.5 billion stock debut, BIDV said it will seek foreign investors. The bank is a major lender for Vietnam’s large companies. Just recently, it has signed an agreement to extend a $600 million loan to the Vietnam Textile and Garment Group (Vinatex). The financing agreement includes a $250 million short-term loan and a $350 million medium- to long- term loan.

In 2013, BIDV posted a pretax profit of about $259 million and is targeting at least $300 million this year. The bank’s bad debt ratio will be curbed at a maximum of 2.6 per cent, compared with 2.3 per cent in 2013. BIDV plans a dividend payout ratio of 8 to 9 per cent in 2014.

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