Off now, on again: FLCHomes eyes listing on HCMC stock exchange

By Phuong Dong   December 26, 2020 | 12:28 am PT
Off now, on again: FLCHomes eyes listing on HCMC stock exchange
FLC Quy Nhon Resort & Golf in Binh Dinh, southern Vietnam. Photo by Shutterstock/TommyTeo.
FLCHomes has again sought to list on the Ho Chi Minh City Stock Exchange (HoSE), the country’s main bourse, after withdrawing an earlier application.

The real estate subsidiary of Hanoi conglomerate FLC, had registered to list once in February this year with its management suggesting the share would be listed at a reference price of VND35,000 ($1.52), making the company worth VND14.35 trillion ($624.9 million).

But in October it withdrew the application, saying there was a change in development strategies.

It then registered to list on the Hanoi Stock Exchange (HNX), but withdrew once again, and is now back at HoSE.

Neither exchange was in its sights originally, with FLC chairman Trinh Van Quyet saying the plan was to list it on the Unlisted Public Company Market (UPCoM) exchange at the end of last year before later switching to HoSE.

HoSE accounts for around 90 percent of the market cap of all listed stocks. The HNX mainly lists smaller public companies.

FLCHomes has a charter capital of VND4.16 trillion and has interests in property development and golf course management.

It targets a tripling of revenues this year to VND5 trillion, with 60 percent coming from real estate.

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