PV Power awaits listing on UpCOM and strategic investor
After a successful initial public offering (IPO), PetroVietnam Power Corporation (PV Power)—the second-largest electricity producer in Vietnam—is ready to list its shares on the Unlisted Public Company Market (UpCOM) on March 6 and is looking for a strategic investor.
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To date, 30 investors expressed interest in becoming the strategic investor of PV Power. However, no official applications have been submitted to PV Power yet.
Previously, on January 31, PV Power reported a successful IPO by selling all the 468.37 million shares on offer at the average selling price of VND14,938 ($0.66) per share, with the highest and lowest selling prices being VND28,000 ($1.23) and VND14,500 ($0.64). After the sale, PV Power’s total capitalisation reached US$1.48 billion.
PV Power is considered the first power producer to report a complete take-up at its IPO via public auction.
Earlier in 2015, Vinacomin-Power Holding Corporation sold only 0.005 per cent of the offered shares for VND12.053 billion ($529,469), failing its IPO.
Besides, in early February, Power Generation Corporation 3 (EVN Genco 3) also reported a failed auction with only 2.8 per cent of the offered shares sold, leaving 97.2 per cent unmarketable.
PV Power was established in 2007 andis fully-owned by PetroVietnam. As the second-largest electricity producer in Vietnam, the company operates one coal-fired thermal power plant, three gas-fired power plants, and three hydropower plants.
The firm plans to develop nine gas-to-power projects located in Dong Nai, Kien Giang, Binh Thuan, and Quang Nam.
In 2017, PV Power produced 20.581 million kWh of electricity, acquiring VND30.98 trillion ($1.36 billion) in revenue and VND2.503 trillion ($109.95 million) in pre-tax profit. This year, the firm expects to generate 21.570 million kWh with VND30.95 trillion ($1.35 billion) in revenue and VND1.91 trillion ($83.9 million) in pre-tax profit.