Vietnam’s first IPO in 2018 rocks HCM Stock Exchange
Vietnam’s HDBank has become the latest company in the country to go public, staging the first IPO this year by listing more than 32.2 million shares on the Ho Chi Minh Stock Exchange on January 6.
The reference price was 33,000 dong apiece, giving the lender a valuation of around 32.4 trillion dong ($1.43 billion). In early trade, the share price surged as much as 24 per cent, and closed at a price of 39,600 dong ($1.74) on the first day.
The retail bank is now among the 20 largest companies on the Ho Chi Minh bourse as bank reforms squeak ahead. The country’s banking sector, which includes state-owned entities, is being pushed to reform and modernize. It has seen progress after some delays, including HDBank’s IPO which was originally scheduled for end-2017.
Other banks that failed to debut by the end of 2017 include Techcombank, TPBank, Orient Commercial Bank, Nam A Bank, Maritime Bank, VietABank, and SeABank. The new deadline for them to go public is December 31, 2018.
HDBank, formally Ho Chi Minh City Development Joint Stock Commercial Bank, was established in 1990, and since 2008 has been more than ten-per cent owned by Vietnamese business tycoon Nguyen Thi Phuong Thao and her holding company. Thao is the founder and chief executive of Vietjet Air, the biggest budget airline in Vietnam. She also serves as the HDBank’s vice chair.
HDBank reported a net profit of 1.93 trillion dong ($84.2 million) for 2017, up 112 per cent year on year, and plans to increase that 61 per cent to 3.1 trillion dong (137.3 million) in 2018.
Vietnam’s HDBank has become the latest company in the country to go public, staging the first IPO this year by listing more than 32.2 million shares on the Ho Chi Minh Stock Exchange on January 6. The reference price was 33,000 dong apiece, giving the lender a valuation of around 32.4 trillion dong ($1.43 billion). In early trade, the share price surged as much as 24 per cent, and closed at a price of 39,600 dong ($1.74) on the first day. The retail bank is now among the 20 largest companies on the Ho Chi Minh bourse as bank reforms...
Vietnam’s HDBank has become the latest company in the country to go public, staging the first IPO this year by listing more than 32.2 million shares on the Ho Chi Minh Stock Exchange on January 6.
The reference price was 33,000 dong apiece, giving the lender a valuation of around 32.4 trillion dong ($1.43 billion). In early trade, the share price surged as much as 24 per cent, and closed at a price of 39,600 dong ($1.74) on the first day.
The retail bank is now among the 20 largest companies on the Ho Chi Minh bourse as bank reforms squeak ahead. The country’s banking sector, which includes state-owned entities, is being pushed to reform and modernize. It has seen progress after some delays, including HDBank’s IPO which was originally scheduled for end-2017.
Other banks that failed to debut by the end of 2017 include Techcombank, TPBank, Orient Commercial Bank, Nam A Bank, Maritime Bank, VietABank, and SeABank. The new deadline for them to go public is December 31, 2018.
HDBank, formally Ho Chi Minh City Development Joint Stock Commercial Bank, was established in 1990, and since 2008 has been more than ten-per cent owned by Vietnamese business tycoon Nguyen Thi Phuong Thao and her holding company. Thao is the founder and chief executive of Vietjet Air, the biggest budget airline in Vietnam. She also serves as the HDBank’s vice chair.
HDBank reported a net profit of 1.93 trillion dong ($84.2 million) for 2017, up 112 per cent year on year, and plans to increase that 61 per cent to 3.1 trillion dong (137.3 million) in 2018.
