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VINAFOOD 2 EARNS $51 MILLION FROM IPO

2018-03-16 16:42:59

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VINAFOOD 2 EARNS $51 MILLION FROM IPO

 

Southern Food Corporation (Vinafood 2) has just conducted its initial public offering (IPO) for nearly 115 million shares, equaling 22.97 per cent of its charter capital.

 

Vinafood 2 sold out the 115 million shares at its IPO

 

The Ho Chi Minh City Stock Exchange (HSX) has just announced the results of Vinafood 2’s IPO. Accordingly, all of the shares have been purchased at the public auction.

40 individuals and one organisations participated in the auction and all of them bought successfully at the average unit price of VND10,101 ($0.44), equivalent to the initial price.

The highest price was VND12,000 and the lowest one VND10,100. The proceeds from the auction reached nearly VND1.159 trillion ($51 million).

According to the equitisation plan, Vinafood 2’s charter capital is VND5 trillion ($220 million). Of this, the state holds 51 per cent, equivalent to 255 million shares. 114.8 million shares were auctioned publicly, equalling 22.97 per cent at the initial price of VND10,100. Later on, 125 million shares will be sold to strategic investors, equivalent to 25 per cent.

Approximately five million shares (equalling 0.99 per cent of the charter capital) will be sold to employees and another 200,000 shares (0.04 per cent) will be sold to the corporation’s trade union.

According to the Ministry of Agriculture and Rural Development, up to date, T&T Group is the only partner registered to become the strategic investor of Vinafood 2. The selling price for strategic investors will not be lower than the public auction price. Thereby, T&T Group will have to spend at least VND1.26 trillion ($55.5 million) becoming the strategic investor of this company.