VPBank gets all clear to offer 1.3bln shares on Saigon market debut
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The bank’s market capitalization is expected to reach $2.5 billion following the offering.
The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) was given approval on August 8 to list on the Ho Chi Minh Stock Exchange (HoSE).
The bank plans to make its IPO on August 17 under the code VPB with a reference price of VND39,000 ($1.72).
The bank’s market capitalization is expected to reach $2.5 billion following the offering, which would make it the largest private bank listed on the HoSE.
The bank said it plans to pay its shareholders a 15 percent dividend in 2018.
VPBank has set a consolidated net profit target of $374 million for 2018, a 50 percent increase compared to the target set for 2017.
In the first half of this year, the bank made $141 million in pre-tax profit, equivalent to 40 percent of its annual target.
Questions & Answers
Q.When is VPBank expected to make its initial public offering on the Ho Chi Minh Stock Exchange?
When is VPBank expected to make its initial public offering on the Ho Chi Minh Stock Exchange?
The bank plans to make its IPO on August 17. It will be listed under the code VPB, with a reference price of VND39,000 ($1.72) for its shares.
Q.What is VPBank's projected market capitalization after the share offering, and what significance does this hold?
What is VPBank's projected market capitalization after the share offering, and what significance does this hold?
Following the offering, VPBank's market capitalization is expected to reach $2.5 billion. This would establish it as the largest private bank listed on the Ho Chi Minh Stock Exchange.
Q.How much pre-tax profit did VPBank achieve in the first half of this year, relative to its annual target?
How much pre-tax profit did VPBank achieve in the first half of this year, relative to its annual target?
In the first half of this year, VPBank made $141 million in pre-tax profit. This figure represents 40 percent of the bank's consolidated net profit target set for the entire year.
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