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