Vietnam’s Vinalines raises fraction of target in IPO
Vietnam National Shipping Lines, a state-owned shipping firm, raised VND54.3 billion ($2.33 million) from an initial public offering (IPO) on Wednesday.
The figure was far below its target of VND4.89 trillion, the Hanoi Stock Exchange said on Wednesday.
The company, better known as Vinalines, sold 5.43 million shares or only 1.11 percent of the shares offered at the IPO at an average price of VND10,002 apiece.
Vinalines sold the shares to 39 individual investors and two corporate investors. Foreign investors bought 6,200 shares.
Last month, bookrunner Saigon Securities Inc had said that Vinalines was seeking to raise around $210 million from the sale of 488.82 million shares, or a 34.8 percent stake, at the IPO.
$1 = 23,313 dong