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

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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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. 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,...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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