What’s On

Vietnam's Vincom Retail debuts at $1.79 a share

By Reuters   November 6, 2017 | 11:45 am GMT+7

The IPO, which attracted global funds, valued the mall operator at about $3.4 billion.

Vietnam’s top mall operator Vincom Retail made market debut on the main stock exchange on Monday after a record initial public offering (IPO) that raised nearly $709 million.

The stock opened at VND40,550 ($1.79) each on the Ho Chi Minh Stock Exchange.

Vincom Retail, the shopping mall subsidiary of Vingroup, had priced its IPO at VND40,600 a share, which was at the top end of the range.

Vincom Retail’s IPO, which attracted global funds, valued the mall operator at about $3.4 billion.

Vincom Retail JSC, the Vietnamese mall operator backed by American private equity firm Warburg Pincus, has expanded its portfolio from fewer than five properties to around 40 malls totaling 1.1 million square meters (11.8 million square feet) since 2013, Bloomberg said in a report.

The company has more than 60 percent market share in the country’s modern retail industry, it said.