Vietnam's HDBank to list shares on Jan 5

By Reuters   December 28, 2017 | 08:26 am PT
The listing values the Vietnamese lender at around $1.43 billion.

HDBank will debut on Vietnam’s main stock exchange on January 5, a listing document showed on Thursday, after it raised $300 million in an initial public offering last week.

The bank has been granted approval to list over 980 million shares on the Ho Chi Minh Stock Exchange at a reference price of VND33,000 a share, the document showed.

The listing values the Vietnamese lender, formally known as Ho Chi Minh City Development Joint Stock Commercial Bank, at around VND32.4 trillion ($1.43 billion).

Nguyen Thi Phuong Thao, the billionaire founder and chairwoman of Vietnam’s largest private airline Vietjet Aviation, is vice chairwoman of HDBank.

The exchange allows share prices to fluctuate within a band of 20 percent on the first trading day. In Vietnam, IPOs and listings are two separate processes.

More than 76 foreign investors paid a total $300 million for shares of HDBank in the IPO on December 22, the bank said on its website.

Japan’s Credit Saison Co, Germany’s Deutsche Bank AG and JPMorgan Vietnam Opportunities Fund, among others, bought shares in the IPO, the lender said, with each foreign investor getting to own less than 3 percent stake.

HDBank expects to report a net profit before tax this year at VND2.4 trillion ($105.66 million).

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